Cross Border Resources Inc., San Antonio, (OTCBB: XBOR) has retained KeyBanc Capital Markets to seek strategic alternatives for the company.
Cross Border holds more than 800,000 gross (300,000 net) mineral and lease acres primarily in New Mexico, with 31,000 net acres focusing on the Permian Basin. The assets include wells targeting the Wolfberry play.
Production during the third quarter 2011 averaged 320 barrels of oil equivalent per day. Proved reserves as of year-end 2011 were 2.1 million barrels of oil equivalent.
Cross Border's Chairman and CEO, Everett "Will" Gray II, said, "Over the past 13 months, both management and the board of directors have worked to ensure that Cross Border Resources could achieve aggressive growth in both daily production and oil and gas reserves, and we are pleased that the company has experienced growth in both production and reserves since the business combination of Doral Energy and Pure Energy Corp. in January 2011. However, we strongly believe that our current share price does not reflect the value of our assets, and we are therefore conducting a thorough review to determine whether shareholder value can be maximized through alternative methods.”
Contact Sylvia Barnes, 713-306-0383, email@example.com.