SAN ANTONIO, June 16, 2011 /PRNewswire/ -- Cross Border Resources, Inc. (OTCQX: XBOR) ("Cross Border" or "the Company"), today announced execution of a participation agreement in the Big Star Six Shooter project targeting 320 gross acres within the Wolfberry Trend, Dawson County, Texas.
"We're pleased to have this opportunity to increase our interest in the Permian Basin's unconventional Wolfberry Trend," said Chairman and CEO E. Will Gray II. "We believe the Wolfberry has great promise and our initial results in the nearby Tres Amigos project, also targeting the Wolfberry, have been encouraging."
Cross Border has acquired a 10% WI in 320 gross acres in Dawson County, Texas, with expectations to acquire an additional 480 gross acres, within the Six Shooter project, sometime later this year. The Company will participate in the first well, scheduled to spud this month on a 1/3 for a 1/4 promoted basis. The entire Big Star Six Shooter project covers approximately 800 acres in the Wolfberry, located along the eastern shelf of the Midland Basin. The trend encompasses the Sprayberry/Dean, Wolfcamp, Canyon, Strawn, and Mississippian formations.
Tres Amigos Operations Update
Meanwhile, drilling continues on the separate Tres Amigos project that targets the Wolfberry in Dawson and Borden counties. Updates on the first three wells are:
- Shortes 6 #1 – Borden County, has been fracture stimulated and currently is flowing back load water.
- Coleman 9 #1 – Dawson County, also has been fracture stimulated and is flowing back load water.
- Shortes 43 #1 – Borden County, has been fracture stimulated and plugs are being drilled out.
Cross Border acquired a 10% WI in Tres Amigos in March, located in Dawson and Borden counties. Tres Amigos consists of approximately 825 acres. The project has 11 identified drilling locations based on 80-acre spacing units. The Company participated in the initial three wells on a 1/3 for a 1/4 promoted basis. The remaining eight wells will be drilled to each working interest partners' proportionate ownership. The targeted depth for each well is approximately 10,825 feet.
About Cross Border Resources, Inc.
Cross Border Resources is an oil and gas exploration company, headquartered in San Antonio, Texas, focusing on non-operated opportunities with proven operators within the Permian Basin. Cross Border consists of over 800,000 gross mineral and lease acres in New Mexico (approximately 31,000 net Permian Basin acres and 270,000 net acres in southwestern New Mexico) targeting various emerging plays, including the 1st & 2nd Bone Spring, and more conventional plays such as the Abo, Yeso, San Andres, as well as Wolfberry acreage located in West Texas. Visit www.xbres.com to learn more about the Company.
This news release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward-looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom the Company has contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information risks for the Company can be found in the Company's filings with the U.S. Securities and Exchange Commission.
SOURCE Cross Border Resources, Inc.