SAN ANTONIO, June 7, 2011 /PRNewswire/ -- Cross Border Resources, Inc. (OTCBB: XBOR), ("Cross Border" or "the Company"), today provided an operations update on the Concho Resources Leo 3 Fed Com #1H well targeting the basal Abo/Wolfcamp in Chaves County, New Mexico.
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The horizontal well has reached a total measured total depth of 12,998 feet with mud logs indicating good oil and gas shows. Cross Border holds a 6.25% working interest, and approximately 4.69% net royalty interest in the well.
"Approximate estimated ultimate recovery for Abo wells is 200-250 MBOE," said E. Will Gray II, Chairman and CEO of Cross Border. "We hold identical interests in three potential offsets to this well. All four wells were listed as possible reserves in our last reserve report.
"Separately, Cimarex has two direct offset wells to our acreage, now on production, that currently average 369 bopd/242 mcfd and 230 bopd/163 mcfd, respectively," Gray continued. "We are pleased with the continuing progress we are making in the Abo and our other New Mexico plays."
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.
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.
Contacts:
Investor Relations Contact:
Jon Cunningham
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 107
[email protected]
http://www.redchip.com
Company Contacts:
Cross Border Resources, Inc.
Everett Willard "Will" Gray II
[email protected]
or
P. Mark Stark
[email protected]
SOURCE Cross Border Resources, Inc.
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