Source: Cross Border Resources
Cross Border Resources, Corp. (OTCBB:XBOR) has acquired a 10% non-operated interest in approximately 825 gross acres in the Tres Amigos Project, targeting the Wolfberry trend in Dawson and Border counties, Texas.
The Tres Amigos Project consists of approximately 825 acres, targeting the Wolfberry Trend in both Dawson and Borden counties, Texas, with 11 possible drilling locations based on 80 acre spacing units. Cross Border will participate in the initial three wells on 1/3 for a 1/4 promoted basis with the remaining 8 wells to be drilled to each working interest partners' proportionate ownership.
The targeted depth for each well is 10,825' focusing on the Wolfberry Trend which encompasses the Sprayberry/Dean, Wolfcamp, Canyon, Strawn, and Mississippian formation. Drilling of the initial well commenced on March 7, 2011 on the Shortes 6, #1 located in Sec 6, Blk 33, T3N of Borden County, Texas and has already reached a drilling depth of 3,242'. Cross Border intends to fund these activities from existing cash flow and availability under its senior credit facility.
"The Company is currently seeking additional opportunities within the Wolfberry Trend, and others that will complement its already existing Bone Spring and Yeso, Abo acreage,” E.W. Gray II, chairman and CEO, stated. “With a strong footprint in the two major emerging resource plays located within the Permian Basin, the Company is positioning itself to ultimately achieve the objective of becoming the recognized name of non-operated assets for the Bone Spring, Wolfberry and other Permian Basin targets."
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 30,000 net mineral and lease acres within Southeastern New Mexico targeting various emerging plays including the 1st & 2nd Bone Spring, and more conventional plays such as the Abo, Yeso, and San Andres as well as an additional 270,000 net acres in Western New Mexico. Additionally, Cross Border Resources is actively participating in drilling opportunities within the Wolfberry Trend located within West Texas.