Doral Energy Finalizes Merger With San Antonio Oil Firm

By San Antonio Business Journal

The merger of Doral Energy Corp. and Pure Energy Group has resulted in the formation of Cross Border Resources Corp., an oil and gas company based in San Antonio.

Doral (OTCBB: DRLYD), an oil and gas company previously based in Midland, Texas, acquired the assets of Pure Gas Parters II LP and its wholly owned subsidiary Pure Energy Group Inc. Pure Gas was based in San Antonio.

Doral acquired the assets of Pure Gas by issuing 9.98 million shares of Doral common stock. Doral also assumed $4 million in subordinated debentures and $1.6 million in existing debt held by Pure Energy.

C.K. Cooper & Co. served as financial adviser in this transaction.

Effective Tuesday, the combined entity changed its name to Cross Border Resources. The combined company will be based in San Antonio but will maintain a field operations office in Midland.

Cross Border owns the mineral rights to more than 800,000 acres in New Mexico. More than 26,000 of these acres lie within the Permian Basin. The companyâ¿¿s current net production is 300 barrels of oil equivalent per day.

The companyâ¿¿s stock will continue to trade under the ticker symbol DRLYD until Jan. 24. Thatâ¿¿s when the company expects the Financial Industry Regulatory Authority (FINRA) to assign the company a new ticker symbol to reflect Cross Border Resourcesâ¿¿ new identity.

Cross Border Resourcesâ¿¿ new Web site ( www.crossborderresources.com) should be operational on Jan. 17.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/sanantonio/news/2011/01/04/doral-energy-finalizes-merger-with-san.html?ana=thestreet

Copyright bizjournals.com 2010

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