10bagger, Cross Border (XBOR.OB) -- Comparing the quantity of reserves as of 8/1/11 to those as of a year earlier, it looks like they were able to replace most of their production for the year, which is not bad considering how little drilling they did over that period. For some reason PUD oil reserves dipped by about 8% but that's not the end of the world. I'm assuming the first 4 Wolfberry wells were included in this latest proved reserves calc and have a call in to Will to confirm this.
The fact that they went through the time and expense to do a reserve report at such an odd date further underscores my hunch that they are negotiating some new reserve-based debt issuance. Now the only question is do they pull the trigger on the debt before or after they do any property sales (there are rumors on the Investors Hub board of same). I would think they would have a better negotiating posture after the sale(s) vs. before, let's see what happens.
The September presentation showed a slew of wells that were scheduled to get spudded before the end of that month, hopefully that schedule was adhered to in which case we could be seeing a blockbuster ops update in the coming weeks.
