San Antonio, Tex.-based Cross Border Resources Inc. has executed a participation agreement in the Big Star Six Shooter project targeting 320 gross acres within the Wolfberry Trend, Dawson County, Texas.

"We're pleased to have this opportunity to increase our interest in the Permian Basin's unconventional Wolfberry Trend," said chairman and CEO E. Will Gray II. "We believe the Wolfberry has great promise and our initial results in the nearby Tres Amigos project, also targeting the Wolfberry, have been encouraging."

Cross Border has acquired a 10% WI in 320 gross acres in Dawson County, Texas, with expectations to acquire an additional 480 gross acres, within the Six Shooter project, sometime later this year. The company will participate in the first well, scheduled to spud this month on a 1/3 for a 1/4 promoted basis.

The entire Big Star Six Shooter project covers approximately 800 acres in the Wolfberry, located along the eastern shelf of the Midland Basin. The trend encompasses the Sprayberry/Dean, Wolfcamp, Canyon, Strawn, and Mississippian formations.

Tres Amigos operations update
Meanwhile, drilling continues on the separate Tres Amigos project that targets the Wolfberry in Dawson and Borden counties. Updates on the first three wells are:
Shortes 6 #1 – Borden County, has been fracture stimulated and currently is flowing back load water.
Coleman 9 #1 – Dawson County, also has been fracture stimulated and is flowing back load water.
Shortes 43 #1 – Borden County, has been fracture stimulated and plugs are being drilled out.

Cross Border acquired a 10% WI in Tres Amigos in March, located in Dawson and Borden counties. Tres Amigos consists of approximately 825 acres. The project has 11 identified drilling locations based on 80-acre spacing units. The Company participated in the initial three wells on a 1/3 for a 1/4 promoted basis. The remaining eight wells will be drilled to each working interest partners' proportionate ownership. The targeted depth for each well is approximately 10,825 feet.

Cross Border Resources is an oil and gas exploration company, headquartered in San Antonio, Texas, focusing on non-operated opportunities with proven operators within the Permian Basin. Cross Border consists of over 800,000 gross mineral and lease acres in New Mexico (approximately 31,000 net Permian Basin acres and 270,000 net acres in southwestern New Mexico) targeting various emerging plays, including the 1st & 2nd Bone Spring, and more conventional plays such as the Abo, Yeso, San Andres, as well as Wolfberry acreage located in West Texas. 

Source:  Cross Border Resources