Cross Border Resources, Inc. (XBOR)

[boomer23]

I was trying to find something in the 10-K about this being a "scam". I found this…

"During the three months ended June 30, 2014, Cross Border completed three wells (0.4 net). One of these, Zircon 12/7 GF Federal Com 1H, a horizontal 2nd Bone Spring well in the Turkey Track area, was completed in May 2014, and achieved a maximum 24-hour rate of 1,188 Boe/d (89% oil) and a 10-day average rate of 1,028 Boe/d (87% oil). Cross Border owns an approximately 16% working interest and 13% net revenue interest in the well, which is operated by Mewbourne Oil Company. We spudded another well in the Turkey Track area in June, and it was recently completed. This well, Zircon 2 B1EH State 2H, is our first in the area targeting the 1st Bone Spring.

We also completed two vertical Yeso wells in the Red Lake area, Southern Union 30G State 3 and Horseshoe State 3. We own approximately 14% working interest and 12% net revenue interest in Southern Union 30G State 3 and approximately 13% working interest and 9% net revenue interest in Horseshoe State 3. Both wells are operated by LRE Operating. Early production rates from the wells were 137 Boe/d (88% oil) and 140 Boe/d (86% oil), respectively."

Looks like they hitting well after well they are participating in!!! The little scam "peer" EOR is selling of assets to pay bills and not drilling anything!! That's a real SCAM!