Motion for Asset Sale Approved for RMR Operating, LLC
August 15, 2016 at 09:30 am IST
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The US Bankruptcy Court approved the sale of substantially all assets of RMR Operating, LLC on August 15, 2016. The Court has authorized the debtor to sell substantially all of the assets and approved the amended asset purchase agreement with Black Mountain Operating, LLC, as purchaser for a purchase price of $6.65 million plus assumption of assumed liabilities. Black Mountain Operating, LLC was deemed the final Successful Bidder pursuant at auction and entered into an asset purchase agreement on August 2, 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.
CROSS BORDER RESOURCES, INC. 
