Cross Border Resources, Inc. (XBOR) Releases Financial And Operational Results For 2011

Mar. 16, 2012 5:28 PM ET
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Cross Border Resources reported large year-over-year increases in sales as well as oil and gas production in 2011. The company benefited from increased development of its properties and continuing high prices for crude oil.

Cross Border Resources reported sales of $7.3 million in the year ending December 31, 2011, up from $3.8 million in 2010. The company's sales in 2011 also benefited from the sale of oil and gas properties for approximately $600,000.

Oil and gas production also rose in 2011, reaching 98,855 barrels of oil (BOE) equivalent for the year, compared to 77,501 BOE in 2010. Cross Border Resources realized an average of $86.70 per barrel for crude oil sold during the year, compared to $74.51 per barrel in 2010.

In 2012, Cross Border Resources expects to increase drilling and completion work relative to 2011, and plans to focus on the Bone Spring formation on its acreage in New Mexico. The company is currently permitting wells with the proper regulatory authorities.

Cross Border Resources estimates that almost half the company's 2012 drilling program will be comprised of horizontal wells. The company has budgeted $12.5 million in capital for its drilling program in 2012 and expects this level of spending to cover 3.2 net wells during the year.

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