Cross Border Resources, Inc. (XBOR)

[jcseeker]

Does anyone know if this company is completely finished? I know they filed for bankruptcy awhile back but I wasn’t sure if they closed the doors.

[Swamp_gas]

Looks like some loading is trying to happen, but the price is still way low for me to sell. Go on up $XBOR
And what a dead board this has been lol

[LadyAnge]

Reinstatement filings hit at market close yesterday.....

[Bobwins]

XBOR +.35 TO $.60

Looks like someone figured out that Xbor's acreage is concentrated in Lea and EDDY counties in New Mexico. Today there was an article on Seeking Alpha about Concho's drilling in the Permian.

http://seekingalpha.com/article/4010471-bakken-update-overview-concho-well-economics-permian?ifp=0&app=1

Concho has been an Xbor partner in the past. Would be nice if they bought out Xbor.

[SeaOhToo]

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Indicates companies do not provide disclosure. Publicly traded companies that do not provide information to investors should be carefully researched

Big FAIL

[SeaOhToo]

.15 Xbor

[poco_trabajo_mucho_dinero]

my DD revealed that "Marty Bloodworth" is a scam artist. with no job he was getting paid to promote Xbors peer and failed BIG TIME!

[SeaOhToo]

.211 a share, no volume

[SeaOhToo]

$4.65 to .25 PUMP N DUMP SCAM EXPOSED!

Promoter EXPOSED!

SEC INVESTIGATION!

[Bobwins]

XBOR filed their late 10K but still owe us a Q1 10Q. Financials show a loss due to high depreciation but still cashflowing.

[SeaOhToo]

SCAM SELLING ASSETS TO POSTPONE BK

BEWARE OF SCAM, SEC INVESTIGATION AND SCAM PROMOTER!

[Knowledge is King]

LOL! XBOR sold the "Assets Held for Sale" for $25M, about $10M more than the passage you cited...



On April 21, 2015, Cross Border Resources, Inc. (“Cross Border”) entered into a purchase and sale agreement (the “PSA”) with RMR Operating, LLC (“RMR Operating”), Black Rock Capital, Inc. (“Black Rock”), RMR KS Holdings, LLC (“RMR KS”) and Black Shale Minerals, LLC (“Buyer”). Each of Cross Border, RMR Operating, Black Rock and RMR KS is an operating subsidiary (together, the “Operating Subsidiaries”) of Red Mountain Resources, Inc. (“RMR,” and together with the Operating Subsidiaries, the “Companies”).



Pursuant to the PSA the Operating Subsidiaries sold, assigned, transferred and conveyed to Buyer, effective as of April 1, 2015, fifty percent (50%) of their right, title, and interest in and to certain oil and natural gas assets and properties (the “Assets”), including their oil and natural gas leasehold interests, wells, contracts, and oil and natural gas produced after April 1, 2015 (the “Sale”). The aggregate purchase price for the Assets under the PSA was $25.0 million, subject to certain adjustments, including post-closing adjustments for any title or environmental benefits or title or environmental defects resulting from Buyer’s title and environmental reviews.

[SeaOhToo]

SCAM IS IN SERIOUS TROUBLE

At September 30, 2014, the Company had working capital of $3,805,867 (including Assets Held for Sale of $14,951,977) and outstanding debt of $9,200,000 (consisting of a line of credit). The company would have a working capital deficit of $9,569,588 (excluding Assets Held for Sale, Net of ARO Liabilities associated with the Assets Held for Sell). The Company was not in compliance with the covenants of its line of credit with Independent Bank and had no availability under this line of credit. The Company currently does not have sufficient funds to repay these obligations. The Company is exploring available financing options, including the sale of debt, equity, or assets. If the Company is unable to finance its operations on acceptable terms or at all, its business, financial condition and results of operations may be materially and adversely affected. As a result of these conditions, there is substantial doubt regarding the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

[SeaOhToo]

SCAM FAILED TO TRADE AGAIN

SEC INVESTIGATION CONTINUES INTO PROMOTER AND FILINGS

XBOR CEASED FILING FINANCIALS, SOON TO BE DELISTED

[SeaOhToo]

SCAM SELLING ASSETS TO POSTPONE BK

BEWARE OF SCAM, SEC INVESTIGATION AND SCAM PROMOTER!

[boomer23]

Who are these mystery "promoters" Seaohtoo? I have not seen a post here suggesting anybody buy this stock.

Yep...looks like they avoided BK and raised $25mm without issuing a share or taking on any new debt. Sounds like a great deal considering they could never drill 100% of what they owned anyway. At least people that own this stock can take comfort in knowing they got paid a $50mm market cap for 50% in this market. Sounds like a great deal instead of having already sold EVERYTHING of value to avoid bankruptcy and having to seek "blood" money at all time lows wiping out every shareholder with dilution like the peers.

[SeaOhToo]

The SCAM IS SITTING AT .65. Traded 2 shares.

Beware, the promoters are back!

The SCAM IS SELLING ASSETS TO AVOID BK!

[boomer23]

YEP LMAO. It's gone from .28 to $1.87 and .30 to .92! One man's so called "scam" is another man's treasure.

People buy stocks to make money. This one has 5x and 3x investment for those that know how to play the game while some sit back and just watch the game yelling at refs.

[SeaOhToo]

LMAO, THE SCAM HAS GONE FROM $4.65 to .28. 2 shares traded at .65 today. BEWARE OF THE SCAM HERE.

SEC INVESTIGATION CONTINUES!

[boomer23]

2 shares is far more volume than XBOR peers trade in a good week. The peers are down 99% while XBOR has provided 3x and 5x gains in the last 2 years. 99% losses for the peers and never an up year while XBOR has been up 300% over the last 2 years. $25mm in cash and 150,000 acres in the Permian. The peers have no cash and nothing worth owning.

[SeaOhToo]

LMAO. ON 2 shares

!$4.65 to .28. SCAM!

[boomer23]

MASSIVE 300% GAIN....again.

[SeaOhToo]

MASSIVE DEBT, BK AVOIDED, SELLING ASSETS

BEWARE OF PROMOTED SCAM!!!!

$4.65 to .28

NOW SELLING ASSETS

[boomer23]

LOL...So was selling assets at a $50mm valuation a bad deal for this alleged "scam"? Is raising $25mm in NON-DILUTIVE cash and no debt a bad thing in this market? We see "peers" of XBOR having nothing left to sell and forced to attempt extremely dilutive equity raises at all time lows. Do we know many "scams" able to sell assets at a $50mm valuation while trading at $8mm market cap? Just curious. I don't own XBOR after the triples and 5 baggers but we don't see many companies spend $25mm on "scams" at these low oil and gas prices. There has been nothing ever presented here to show XBOR is a scam except for wishful thinking that it was so. Alleging XBOR is a scam after all of these years has proven to be a liability. The stock has had 6x, 5x and now a 3x gain.

Hate to say it but $25mm in cash is $25mm in cash. I ain't buying the stock here and certainly don't recommend anybody else does without doing their own DD but it's obviously proven some that think it's a scam to be horribly wrong. $25mm in the bank will put off any talk of BK for years to come.

[SeaOhToo]

SCAM SELLING OFF ASSETS TO AVOID BK

[boomer23]

That guy died several years ago. XBOR filings show his services contract was bought out years ago and he was never listed in management. The information being introduced here is outdated and irrelevant. There is no mention of any SEC investigation of XBOR either according to their filings. It appears that your confusion lies with certain shareholders of XBOR and not the company itself.

I'm sure Black Shale Minerals would disagree with the assessment of this being a scam after paying $25mm for half of it!!! LMAO!

[boomer23]

I saw that bobwins. XBOR didn't sell to RMR. Collectively they sold 50% to Black Shale Minerals. They bring in $25mm in cash. Reading the whole filing they pay down their credit facility and had amended (not hardly revoked seaohtoo). Looks like they will be carrying only $12mm in debt moving forward with $12-13mm in cash. In this environment it's amazing they not only avoided a BK but they did not have to dilute shareholders with a hugely discounted equity raise. Looks like a great move given they never had the capability (or the cash) to drill 100% of what they owned.

Black Shale Minerals apparently viewed the assets at being worth $50mm even in this low priced environment.

[Bobwins]

Cross Border sold half their oil and gas assets for $25million to RMR. They will use the proceeds to pay down debt and pay some expenses. Of course the debt was used to help RMR drill their properties. They were likely forced to do this because of the shortfall of collateral due to falling oil prices. Maybe they will use the money to catch up the SEC filings that are past due for Xbor.


Purchase and Sale Agreement

On April 21, 2015, Cross Border Resources, Inc. ("Cross Border") entered into a purchase and sale agreement (the "PSA") with RMR Operating, LLC ("RMR Operating"), Black Rock Capital, Inc. ("Black Rock"), RMR KS Holdings, LLC ("RMR KS") and Black Shale Minerals, LLC ("Buyer"). Each of Cross Border, RMR Operating, Black Rock and RMR KS is an operating subsidiary (together, the "Operating Subsidiaries") of Red Mountain Resources, Inc. ("RMR," and together with the Operating Subsidiaries, the "Companies").

Pursuant to the PSA the Operating Subsidiaries sold, assigned, transferred and conveyed to Buyer, effective as of April 1, 2015, fifty percent (50%) of their right, title, and interest in and to certain oil and natural gas assets and properties (the "Assets"), including their oil and natural gas leasehold interests, wells, contracts, and oil and natural gas produced after April 1, 2015 (the "Sale"). The aggregate purchase price for the Assets under the PSA was $25.0 million, subject to certain adjustments, including post-closing adjustments for any title or environmental benefits or title or environmental defects resulting from Buyer's title and environmental reviews.

The PSA contains customary representations, warranties and covenants. Pursuant to the PSA, the Operating Subsidiaries and Buyer have agreed to indemnify each other, their respective affiliates and their respective employees, officers, directors, managers, shareholders, members, partners, or representatives from and against all losses that such indemnified parties incur arising from any breach of representations, warranties or covenants in the PSA and certain other matters.

The Companies intend to use the cash consideration from the Sale to repay a portion of the outstanding balance on the Credit Agreement (as defined below), pay accounts receivable and for working capital.

Third Amendment and Waiver to the Credit Agreement

On March 11, 2015, Cross Border entered into an amendment and waiver (the "Third Amendment") to the Senior First Lien Secured Credit Agreement, dated February 5, 2013, as amended (the "Credit Agreement"), with RMR, Black Rock and RMR Operating (together with Cross Border, the "Borrowers") and Independent Bank ("Lender"). Pursuant to the Third Amendment, (i) the Lender waived any default or right to exercise any remedy as a result of the failure by the Borrowers to be in compliance with the requirements of Section 6.18 of the Credit Agreement with respect to the permitted ratio of consolidated current assets to consolidated current liabilities of Borrowers for the fiscal quarter ended September 30, 2014; and (ii) the borrowing base was decreased from $30 million to $27.8 million, effective as of March 1, 2015, and the commitment amount was decreased to $27.8 million, subject to monthly commitment reductions of $350,000 beginning March 1, 2015.

The foregoing description of the Third Amendment is qualified in its entirety by reference to the Third Amendment, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

Fourth Amendment to the Credit Agreement

In conjunction with the PSA, on April 21, 2015, Cross Border entered into an amendment (the "Fourth Amendment") to the Credit Agreement, with the other Borrowers and the Lender. Pursuant to the Fourth Amendment, the borrowing base was decreased from $27.8 million to $12.4 million, effective as of April 21, 2015, and the commitment amount was decreased to $12.4 million. In addition, the monthly commitment reduction amount was set to $0 as of April 1, 2015.

The foregoing description of the Fourth Amendment is qualified in its entirety by reference to the Fourth Amendment, a copy of which is filed herewith as Exhibit 10.2 and is incorporated herein by reference.

[SeaOhToo]

SCAM CONTINUES
CREDIT REVOKED
April 21, 2015, Cross Border entered into an amendment (the “Fourth Amendment”) to the Credit Agreement, with the other Borrowers and the Lender. Pursuant to the Fourth Amendment, the borrowing base was decreased from $27.8 million to $12.4 million, effective as of April 21, 2015, and the commitment amount was decreased to $12.4 million. In addition, the monthly commitment reduction amount was set to $0 as of April 1, 2015.

[SeaOhToo]

SEC INVESTIGATION CONTINUES
Looks like the SCAMMER of XBOR go way back. The SEC CONTINUES ITS INVESTIGATION.....

The Swink Connection

The man behind the company is no stranger to controversy himself. Jim Dale Swink Jr., who controls about 54 percent of the company's stock, was convicted in 1993 of conspiracy and other charges related to an allegedly fraudulent bond deal at Swink & Co., a bond house owned by Swink's father that collapsed in 1989.

The conviction was overturned in July 1994 by the Eighth Circuit United States Court of Appeals.

Swink, who didn't return repeated phone calls seeking an interview, doesn't hold an executive position at the company or a spot on its board of directors, but he does keep an office at Cytomedix's Little Rock location. And he's called the shots on many of the changes made at the company.

As president and sole owner of BDR Consulting Inc., he has voting control over more than 5 million of the company's shares as part of a voting agreement with various investors. It's unclear just how many shares Swink personally owns, but BDR Consulting Inc. owns nearly 240,000 shares of the company.

BDR also has a consulting agreement with Cytomedix to provide financing and business assistance to the company. The arrangement pays BDR between $6,000 and $20,000 a month, depending on the company's previous 12-month revenues. Right now, that agreement should pay out the minimum $6,000.

[boomer23]

I think you have the wrong company. There is no mention of this Howard Appel "mastermind of a pennystock scheme" anywhere at XBOR. You probably have confused this company with another. There is no investigation of XBOR anywhere in their public filings.

Nobody is promoting anything here that I can see. Some are obviously laughing all the way to the bank on 5x and 3x moves while others are missing out claiming "scam"!!!

LOL!

[SeaOhToo]

SCAM BEING EXPOSED!
$4.65 to .28

"District Attorney Cyrus Vance Jr. seeks information about Howard Appel, the alleged mastermind of a penny-stock scheme, according to documents filed in Texas to support an out-of-state subpoena."

SEC INVESTIGATION CONTINUES!

Now promoter pumping it back to $1.00. BUYER BEWARE OF SCAM AND PROMOTERS.

[boomer23]

Another TRIPLE!! Easy money here.

[boomer23]

.28 to .75. Somebody tripled their money. WITHOUT exception!!!

[SeaOhToo]

$4.65 to .28. Nobody, WITHOUT exception, has EVER made money on this "stock". It's gone straight down for 10 years. The reason is because it was never a company. It was a promoted scam from there beginning. Look at the people involved and their track records of failures and lawsuits. Promoters, BOD members and management all have well documented failures and lawsuits.

[SeaOhToo]

Looks like the SCAMMER of XBOR go way back. The SEC CONTINUES ITS INVESTIGATION.....

The Swink Connection

The man behind the company is no stranger to controversy himself. Jim Dale Swink Jr., who controls about 54 percent of the company's stock, was convicted in 1993 of conspiracy and other charges related to an allegedly fraudulent bond deal at Swink & Co., a bond house owned by Swink's father that collapsed in 1989.

The conviction was overturned in July 1994 by the Eighth Circuit United States Court of Appeals.

Swink, who didn't return repeated phone calls seeking an interview, doesn't hold an executive position at the company or a spot on its board of directors, but he does keep an office at Cytomedix's Little Rock location. And he's called the shots on many of the changes made at the company.

As president and sole owner of BDR Consulting Inc., he has voting control over more than 5 million of the company's shares as part of a voting agreement with various investors. It's unclear just how many shares Swink personally owns, but BDR Consulting Inc. owns nearly 240,000 shares of the company.

BDR also has a consulting agreement with Cytomedix to provide financing and business assistance to the company. The arrangement pays BDR between $6,000 and $20,000 a month, depending on the company's previous 12-month revenues. Right now, that agreement should pay out the minimum $6,000.

[SeaOhToo]

Where are those financials......

[SeaOhToo]

NOW ITS .30! MANY STUCK IN THE SCAM PROMOTION.

[SeaOhToo]

SCAM BACK TO .30.

[SeaOhToo]

What a SCAM. LOOK AT WHO PROMOTED IT FROM THE BEGINNING.

[SeaOhToo]

ROFLMAO, "no subpoenas, no investigation"

Hummm......

"District Attorney Cyrus Vance Jr. seeks information about Howard Appel, the alleged mastermind of a penny-stock scheme, according to documents filed in Texas to support an out-of-state subpoena."

SEC INVESTIGATION CONTINUES

SCAM PROMOTER EXPOSED!

[SeaOhToo]

SEC INVESTIGATIONS CONTINUES!
SUBPOENAS BEING ISSUED!


"District Attorney Cyrus Vance Jr. seeks information about Howard Appel, the alleged mastermind of a penny-stock scheme, according to documents filed in Texas to support an out-of-state subpoena."

SCAM EXPOSED!

[SeaOhToo]

SCAM BEING EXPOSED!
$4.65 to .28

"District Attorney Cyrus Vance Jr. seeks information about Howard Appel, the alleged mastermind of a penny-stock scheme, according to documents filed in Texas to support an out-of-state subpoena."

SEC INVESTIGATION CONTINUES!

[SeaOhToo]

SCAM STOPPED PRODUCING FINANCIALS......

[SeaOhToo]

It was a promoted scam from the beginning.

[SeaOhToo]

SCAM CONTINUES, MASSIVE DEBT, SEC INVESTIGATION!

[SeaOhToo]

DOWN 30%. BIG RED DAY!

[SeaOhToo]

SCAM TRADED @ .40

[SeaOhToo]

HUMMM BIDDING .19
Signs of a TRUE SCAM.

[SeaOhToo]

BIG RED DAY AS OIL PRICES ROCKET HIGHER!

SCAM, SCAM, SCAM