Cross Border Resources Announces Strategic Alternative Review

SAN ANTONIO, Feb. 9, 2012 /PRNewswire/ -- Cross Border Resources, Inc. (OTCQX: XBOR) ("Cross Border" or "the Company"), a San Antonio-based oil and gas exploration and production company, today announced that its board of directors has decided to conduct a broad review of strategic alternatives aimed at maximizing shareholder value. To assist in the review process, Cross Border has engaged KeyBanc Capital Markets as its financial advisor.

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Based on the Company's current reserves, production and operations, the Company believes that the common shares of Cross Border trade at a substantial discount to the net asset value of its underlying assets. The strategic review will evaluate the Company's current long-term business plan against a range of alternatives that have the potential to maximize shareholder value. Cross Border expects to evaluate several alternatives, including strategic financing opportunities, asset divestitures, joint ventures, or a corporate sale, merger or other business combination.

Cross Border's Chairman and CEO, Everett "Will" Gray II, said, "Over the past 13 months, both management and the board of directors have worked to ensure that Cross Border Resources could achieve aggressive growth in both daily production and oil and gas reserves, and we are pleased that the Company has experienced growth in both production and reserves since the business combination of Doral Energy and Pure Energy Corp. in January 2011. However, we strongly believe that our current share price does not reflect the value of our assets, and we are therefore conducting a thorough review to determine whether shareholder value can be maximized through alternative methods. Cross Border has a solid portfolio of assets within the Permian Basin, which has witnessed a commanding resurgence over the past several years due to new unconventional plays such as the 2nd Bone Spring and Wolfberry."

The strategic review process has not been initiated as a result of any particular offer. The Company cautions that there are no guarantees that the strategic alternative review process will result in a transaction or, if a transaction is approved by the board of directors, whether the terms or timing of such a transaction will be approved by shareholders.