Cross Border Resources reported that the company’s board of directors has authorized a strategic review of the company’s operations, with a goal of maximizing shareholder value.
Cross Border Resources has hired KeyBanc Capital Markets as a strategic advisor to assist the company in its review. The company did not initiate this review due to a buyout offer from an outside party.
Cross Border Resources said that the strategic review was predicated on a belief that investors are undervaluing the company in the public market, and that the common stock of the company is trading at a price below the net asset value of its oil and gas assets.
Cross Border Resources and its strategic advisor plan to examine the company’s business plan is in context of possible alternative future actions by the company. These actions include asset sales, innovative financing, and a sale or merger. The company also plans to investigate taking on a joint venture partner to help share the risk and cost of developing its oil and gas assets.
Cross Border Resources is an oil and gas exploration and production company with assets in the onshore United States. The company is currently focused on developing properties in the Permian Basin of New Mexico and Texas, and is targeting various formations including the Abo, Yeso, San Andres, and Bone Spring plays.
For more information on the company, go to www.xbres.com
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