SAN ANTONIO, Oct. 7, 2011 /PRNewswire/ -- Cross Border Resources, Inc. (OTCQX: XBOR), a San Antonio-based oil and gas exploration and production company, today reported a significant increase in its proved category PV-10 value.

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Estimated proved reserves at Aug. 1, 2011, were 1.75 million barrels of oil equivalent (mmBOE), with an associated PV-10 – estimated, pre-tax future net cash flows discounted at 10 percent – for its proved category of approximately $28.1 million. Cross Border's new proved reserve estimates represent 78 percent crude oil and 22 percent natural gas. The new PV-10 is based on adjusted commodity prices of $92.02/bbl for oil and $4.27/mcf for gas. The previous PV-10 was $17.1 million, based on a price deck of $70.87/bbl and $4.11/mcf, respectively.

Combined proved, probable and possible reserves were estimated at 2.57 mmBOE with a combined PV-10 of $42.2 million. Joe C. Neal & Associates, an independent engineering firm based in Midland, Texas, prepared the estimates utilizing Securities and Exchange Commission pricing guidelines.

"We believe these new reserve estimates confirm our Permian Basin growth strategy," said Everett "Will" Gray II, CEO and Chairman of Cross Border. "We expect to see significant growth potential in increased production. It's worth noting that we project a significant percentage of our 2011 CAPEX targets reserves that were shown as probable and possible. Management believes we will continue to convert probable and possible reserves into producing assets."

Proved reserves are oil and gas estimated, with reasonable certainty, to be recoverable from a reservoir using existing equipment and under existing operating and price conditions. Probable estimates are indicated reserves that have a roughly 50 percent chance or better of being economically recoverable, while possible reserves are inferred, but with less than a 50 percent chance, of being economically recoverable.

About Cross Border Resources

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 (approximately 300,000 net) mineral and lease acres within the state of 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 our Wolfberry acreage located in West Texas. Cross Border Resources currently owns approximately 31,000 net acres within the Permian Basin.

Additional information about the Company is available on its website, www.xbres.com, and news updates are available via Twitter, @CrossBorderRes.

Forward-Looking Statements

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.

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http://www.xbres.com