Cross Border Resources Inc (OTC:XBOR) announced its results for Q3 of 2011, and filed the 10-Q with the SEC. The information wasn’t available before the close so the effects should be seen today.
The announcement of the results was expected as XOBR had informed the public in advance, but the price of XBOR has been dropping in the last several sessions.
The fall began on or after Nov. 7. That day, the company filed an 8-K form which revealed that Red Mountain Resources, Inc. had acquired approximately 167 thousand XBOR shares at $1.3 at a time when the market price was $1.6.[BANNER]
Yesterday, XBOR closed down 2.10% at $1.40 with 28.5 thousand shares changing hands.
While the results for Q3 show some increase in the revenues from oil and gas sales, XBOR still reports a $611 thousand loss from operations and a net loss of approximately $250 thousand for the quarter.
Today, at 11:00 am Eastern time XBOR will hold a conference call to discuss its results. It will be interesting to see how the market responds to the results, and how the management handles the conference call.
