Cross Border Resources Inc. (OTCQX: XBOR.OB) a San Antonio-based oil and gas exploration and production company, today announced that its board of directors has decided to conduct a broad review of strategic alternatives aimed at maximizing shareholder value. To assist in the review process, Cross Border has engaged KeyBanc Capital Markets as its financial advisor.
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. Cross Border has a solid portfolio of assets within the Permian Basin, which has witnessed a commanding resurgence over the past several years due to new unconventional plays such as the 2nd Bone Spring and Wolfberry."
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