Black Mountain Operating LLC entered into an agreement to acquire certain assets of RMR Operating, LLC from Black Rock Capital, LLC, Cross Border Resources, Inc., Red Mountain Resources, Inc. (OTCPK:RDMP.Q), and RMR Operating, LLC for $6.7 million.
August 14, 2016
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Black Mountain Operating LLC entered into an agreement to acquire certain assets of RMR Operating, LLC from Black Rock Capital, LLC, Cross Border Resources, Inc. (OTCPK:XBOR), Red Mountain Resources, Inc. (OTCPK:RDMP.Q), and RMR Operating, LLC for $6.7 million on June 29, 2016. Under the terms of the transaction, Black Mountain Operating paid $0.31 million in cash as initial payment and will pay $6.34 million in cash on completion of the transaction. In case of termination of the transaction from the Black Mountain Operating's side, sellers will receive deposited initial payment, $0.31 million as liquidated damages. The transaction is expected to close on August 30, 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.
Black Mountain Operating LLC entered into an agreement to acquire certain assets of RMR Operating, LLC from Black Rock Capital, LLC, Cross Border Resources, Inc., Red Mountain Resources, Inc. (OTCPK: RDMP.Q), and RMR Operating, LLC for $6.7 million.
CROSS BORDER RESOURCES, INC. 
