Cross Border Resources, Inc. released updated details on the company’s oil and gas exploration and development program for the third and fourth quarters of 2011.
Cross Border Resources has budgeted $7.4 million in capital expenditures for the second half of 2011, compared to $1.0 million in the first half of the year. The acceleration in spending is due to increased interest and funding from working interest partners on the company’s Permian Basin properties.
Cross Border Resources said that these additional funds will allow the company to spud 21 gross wells over the next six months, bringing the total drilling program for 2011 to 25 gross wells.
Cross Border Resources expects to exit 2011 with a daily production rate of 500 barrels of oil equivalent (BOE) per day. The company is developing assets in its portfolio that primarily produce crude oil or natural gas liquids.
Cross Border Resources plans to drill sixteen wells in New Mexico, with six wells targeting the Bone Spring formation and five wells into the Abo formation. The company is also working on the Delaware, Yeso, and San Andres zones in New Mexico, and plans to drill five wells in Texas into the Wolfberry formation.
For more information on the company, go to www.xbres.com