Cross Border Resources Inc Provides Operations Update on its Permian Basin Interests in New Mexico and West Texas
March 15, 2012 at 04:30 pm IST
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Cross Border Resources Inc. provided an operations update on its Permian Basin interests in New Mexico and West Texas. Production rates for the Cimarex SE Lusk 33 #3H were approximately 855 barrels of oil equivalent per day (boepd) after more than 40 days of production, and approximately 578 boepd for the Cimarex 33 #2H after 12 days of production. Additionally, the company reported that the Mewbourne Zircon 2 #1H is producing nearly 500 boepd after its first 60 days of production. The Mewbourne Ocelot 34 Fed Com #1H was placed on production on March 13, 2012 after wellbore cleanout, with production results to be released within the next two weeks. The Occidental Fecta 33 Fed Com #1H has reached total depth and is currently awaiting completion. Open-hole data is very encouraging, and this well offsets Concho Resources' Magnum Pronto St. Com #4H, which has produced cumulative 238 thousand barrels of oil equivalent (mboe) in 10 months. As of December 2011, the well averaged 425 boepd. Production contributions net to the company's interest from the recent 2nd Bone Spring drilling activities are approximately 457 boepd. In addition to the above mentioned wells, the company intends to participate in seven additional gross 2nd Bone Spring wells in 2012 with an average working interest of approximately 15%. The company is currently participating in either the drilling or completion of four gross wells targeting the Wolfberry, Yeso, and San Andres/Grayburg. Management expects to participate in one additional gross well during March with a primary focus on the Wolfberry. The company expects to release, in a timely fashion, results of the wells that are currently awaiting completion.
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.