Cross Border Resources, Inc. Announces Unaudited Financial and Operating Results for the Second Quarter and Six Months Ended June 30, 2014
August 20, 2014 at 03:43 pm IST
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Cross Border Resources, Inc. announced unaudited financial and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company's oil and gas sales were $3,690,895 compared to $3,461,249 a year ago. Income from operations was $1,778,022 compared to $293,502 a year ago. Income before income taxes was $1,557,628 compared to $240,284 a year ago. Net income was $1,557,628 or $0.07 per diluted share compared to $240,284 or $0.01 per diluted share a year ago.
For the six months, oil and gas sales were $7,187,677 compared to $6,794,047 a year ago. Income from operations was $3,126,213 compared to $1,555,086 a year ago. Income before income taxes was $2,720,117 compared to $2,044,959 a year ago. Net income was $2,720,117 or $0.13 per diluted share compared to $2,044,959 or $0.10 per diluted share a year ago. Net cash provided by operating activities was $4,275,100 compared to $5,360,653 a year ago. Capital expenditures - oil and gas properties were $1,391,496 compared to $6,862,343 a year ago. The decrease in net cash provided by operating activities was primarily due to a $2.7 million profit, $1.9 million of non-cash depletion and depreciation, and $0.6 million changes in working capital.
For the quarter, the company's oil production sold was 33,250 Bbl compared to 35,601 Bbl a year ago. Natural gas production sold was 77,075 Mcf compared to 56,550 Mcf a year ago. Natural gas liquids production sold was 3,733 Bbl compared to 1,986 Bbl a year ago. Total production sold was 49,829 Boe compared to 47,012 Boe a year ago. Total production sold was 554 Boe/d compared to 517 Boe/d a year ago.
For the six months, the company's oil production sold was 66,670 Bbl compared to 63,628 Bbl a year ago. Natural gas production sold was 144,307 Mcf compared to 145,992 Mcf a year ago. Natural gas liquids production sold was 7,381 Bbl compared to 3,007 Bbl a year ago. Total production sold was 98,101 Boe compared to 90,967 Boe a year ago. Total production sold was 542 Boe/d compared to 503 Boe/d a year ago.
Cross Border Resources, Inc. an independent natural gas and oil company engaged in the exploration, development, exploitation, and acquisition of natural gas and oil reserves in North America. The Company primarily focuses on the area of the State of New Mexico, principally southeastern New Mexico. As of June 30, 2014, the Company owned over 865,893 gross (approximately 293,843 net) mineral and lease acres in New Mexico. The Companyâs producing oil and natural gas properties are concentrated in the Permian Basin. The Companyâs main area of focus is the Tom Tom/Tomahawk Prospect, where the Company would continue work on the field alongside the execution of its remediation plan. A significant majority of its acreage consists of either owned mineral rights or leases held by production.
CROSS BORDER RESOURCES, INC. 
