Located in San Antonio, Texas, Cross Border has quickly made a name for themselves as a leading oil and gas exploration company. Today, Cross Border took a major step towards prominence with the announcement they will budget $7.4 million for drilling in the second half of this year.
The largest share of second-half drilling, six wells, will target the unconventional Bone Spring play in southeastern New Mexico. In West Texas, five wells are scheduled for the Wolfberry. Other oil-focused targets will be the Abo with five wells, two each for the Delaware and Yeso, and one to San Andres. Working interest in the wells varies from 100 percent to 3 percent.
Leading the way at Cross Border is E. Will Gray II whom serves as the company’s Chairman and CEO. Commenting on this news, Mr. Gray was quoted as saying, “We expect our working interest partners to accelerate their Permian Basin drilling inventory in the second half, giving the Company a $7.4 million CAPEX budget for the second half of the year. Currently, we expect to spud 21 wells in the second half of 2011, compared to the four wells we participated in during the first half of 2011. This will provide the Company with approximately 25 gross wells, or 3.7 net wells, for the year with expectations of exiting 2011 with an approximate daily production rate of 500 BOE.”
Mr. Gray is scheduled to present at 10:30 a.m. Eastern time, today, as part of the RedChip Small-Cap Equities Virtual Conference, which will include a question-and-answer session. The presentation will be available at www.RedChip.com
To learn more about the company as a whole, visit their corporate website at: www.xbres.com