Modified Motion for Asset Sale Filed by RMR Operating, LLC
July 19, 2016 at 09:30 am IST
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RMR Operating, LLC filed a motion for entry of an order modifying sale and bidding procedures related to sale of assets in the US Bankruptcy Court on July 19, 2016. As per the amended motion, Black Mountain Operating, LLC is the successful bidder with a purchase price of $6.65 million for sale of certain assets. The hearing for successful bidder will be held on August 1, 2016. As per the motion, the new bid deadline is July 18, 2016. The auction will be held on July 27, 2016.
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.