NEW YORK--(BUSINESS WIRE)--Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on Cross Border Resources, Inc.
Cross Border Resources, Inc. (OTCBB: XBOR), an oil and gas exploration company headquartered in San Antonio, Texas, focuses on non-operated opportunities with proven operators within the Permian Basin. Cross Border holds interests in over 800,000 gross (approximately 300,000 net) mineral and lease acres within the state of New Mexico. Over 31,000 of these net acres exist within the Permian Basin. Unlike most E&P organizations, 99% of the company's acreage consists of either owned mineral rights or leases held by production.
Development of Cross Border's acreage is focused on the company's prospective Bone Spring acreage located within the 1st and 2nd Bone Spring play. This play encompasses approximately 4,390 square miles across both New Mexico and Texas. Cross Border owns varying, non-operated working interests in both Eddy and Lea counties, New Mexico, along with its working interest partners that include Cimarex, Apache, and Mewbourne, which all have significant footprints within this play.
In April 2011, Cross Border provided an operations update related to acreage and drilling activities in the Wolfberry Trend, and the Bone Spring, Yeso, Abo play. The company reported that during the first quarter of 2011, it had acquired a 10% working interest in 820 gross acres. The acreage is located in the active Wolfberry Trend of the Permian Basin in West Texas. Cross Border noted that it owns approximately 31,000 net acres targeting the Wolfberry, Bone Spring, San Andres, Yeso, Abo and other conventional plays located within southeastern New Mexico and West Texas. The company estimated that this acreage position will provide participation in approximately 25 gross wells in 2011.
S&P Factual Stock Report coverage on Cross Border Resources, Inc. will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.xbres.com for additional information.
About Standard & Poor's Factual Stock Reports
This Standard & Poor’s service provides factual research coverage enabling information about Cross Border Resources, Inc. and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company’s fundamentals and business prospects. Currently profiling over 500 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
Standard & Poor’s Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor’s. Standard & Poor’s Factual Report research has no access to non-public information received by other units of Standard & Poor’s. Standard & Poor’s does not trade on its own account.
Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P’s STARS research) are eligible to obtain this coverage.
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