Cross Border Resources, Inc. (OTC:XBOR) is an oil and gas exploration company traded on the OTCQX. Lately, XBOR has been getting closer to failing one of the requirements for staying on the QX tier – $1 share price.
Yesterday, XBOR closed flat at $1.35, which is still a long way off of $1. However, XBOR has been slowly losing value since January when it was formed in its current structure.[BANNER]
The company first announced it would be covered by RedChip Research on Tuesday. The news wasn’t met with a lot of enthusiasm and XBOR dropped 5.93% that day. The services of the investor relations company are compensated with $30 thousand and 50 thousand restricted shares of XBOR.
Yesterday, after the market had closed, we received an e-mail promoting XBOR and today we will see what the effect of the promotion will be.
In the first two quarters, the company hasn’t managed to generate a profit, but their losses aren’t anything shocking – $155 thousand and $67 thousand for Q1 and Q2, respectively. Some recent 8-K forms show officers of the company have purchased some shares of the company on the open market.
XBOR owns a total of 800 thousand gross acres (300 thousand net) in New Mexico and West Texas. The key assets are 31 thousand net acres in the Permian Basin. The company doesn’t operate its properties, instead it relies on partnerships with operators such as Apache, Cimarex, Concho Resources, Mewbourne and Occidental.
