Cross Border Resources, Inc. (XBOR)

[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.