Cross Border Resources Updates Permian Basin Recent Drilling Activity
Zircon 2 #1H at 698 bopd / 554 mcfpd
SAN ANTONIO, Texas, Jan. 24, 2012 /PRNewswire/ -- Cross Border Resources, Inc. (OTCQX: XBOR) ("Cross Border" or "the Company") today provided an operations update on its Permian Basin interests in New Mexico and West Texas.
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| WELL NAME |
COUNTY |
OPERATOR |
FORMATION |
WORKING INTEREST |
STATUS |
|
| SE Lusk 33 #2H |
Lea, NM |
Cimarex |
2nd Bone Spring |
37.50% |
Currently drilling |
|
| SE Lusk 33 #3H |
Lea, NM |
Cimarex |
2nd Bone Spring |
37.50% |
Completed frac Jan 17; flowing back frac load |
|
| Ocelot 34 Fed Com #1H |
Lea, NM |
Mewbourne |
2nd Bone Spring |
12.55% |
Frac scheduled for late January |
|
| Zircon 2 #1H |
Eddy, NM |
Mewbourne |
2nd Bone Spring |
12.50% |
Producing at 698 bopd / 554 mcfpd/ (previous four day average) |
|
| Bandit 15 Fed #2 (work-over) |
Lea, NM |
Three Rivers |
Wolfcamp / 2nd Bone Spring, 1st Bone Spring |
9.734% |
Producing at 60 bopd / 54mcfpd |
|
| Hefley 24 #1 |
Howard, TX |
Big Star |
Wolfberry |
20.00% |
Producing at 79 bopd / awaiting gas hook up |
|
| Posh Unit 1701 |
Borden, TX |
Big Star |
Wolfberry |
12.50% |
Well at TD, awaiting completion |
|
| Coleman 1002 |
Dawson, TX |
Big Star |
Wolfberry |
10.00% |
Flowing back above 100 bopd |
|
| Grave Digger #3H |
Eddy, NM |
Concho Resources |
Yeso |
5.64% |
Flowing back frac load |
|
| Alamo Delhi "B" St #3 |
Eddy, NM |
Alamo |
Grayburg and San Andres |
6.25% |
Well at TD, awaiting completion |
|
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|
|
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"Cross Border is currently focused within the Permian Basin, specifically the 2nd Bone Spring located within Eddy and Lea Counties, New Mexico, due to the oil-weighted nature of this unconventional play and our operators' ability to identify and drill above-average economical wells," stated Everett "Will" Gray II, CEO and Chairman of Cross Border. "Our current 2nd Bone Spring activity of four gross wells equates to one net well, with the potential to drill an additional 26 gross or 4.7 net approximate 2nd Bone Spring wells."
Mr. Gray continued, "The wells that Cross Border's operators are currently drilling are oil focused and will place a greater oil emphasis on our current reserves. Well results on the remaining 2nd Bone Spring wells will be disseminated accordingly in addition to the release of our 2012 drilling schedule and cap ex budget, expected to be released in February."
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.
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]
SOURCE Cross Border Resources, Inc.
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