SOURCE: Red Mountain Resources

Red Mountain Resources

April 15, 2013 09:53 ET

Red Mountain Resources Provides Operations Update

DALLAS, TX--(Marketwired - April 15, 2013) -  Red Mountain Resources, Inc. (OTCQB: RDMP) (the "Company" or "RMR"), a Dallas-based oil and gas exploration and production company, is providing an operations update for its subsidiaries, Cross Border Resources, Inc. (OTCQB: XBOR) ( "Cross Border"), of which RMR owns approximately 81%, and RMR's wholly-owned subsidiaries Black Rock Capital, Inc. and RMR Operating, LLC.

2013 Capital Expenditure Program

RMR

Prospect
 Projects*  Net Capex ($MM)


Madera
  Madera 24-3H (33%WI)Madera 25-2H (30% WI)Madera 25-1 SWD (25% WI)  $ 4.6


Cowden
  Cowden F (100% WI)Cowden D (100% WI)  $ 1.6




CROSS BORDER
     


Prospect
  Projects*   Net Capex ($MM)


Tom Tom
  Workover Program10 wells and Infrastructure (75% average WI)   $2.0


Non-operated
  Grave Digger 4H (6% WI)Grave Digger 5H (6% WI)Lusk 34 1H (29% WI)Lusk 34 2H (29% WI)Roo 22 1 (3% WI)Bradley 30 4H (4% WI)KSI 22 2H (2% WI)Zircon 2 DA 1H (13% WI)Delhi B St 4 (6% WI)Grave Digger 6H (6% WI)Grave Digger 7H (6% WI)Horseshoe St 1 (3% WI)   $5.7
* Working Interest subject to change
 
 
 

The following chart provides a well-by-well update of activity for RMR and Cross Border:

 

RMR


WELL NAME
 COUNTY  OPERATOR  WELL TYPE  FORMATION  WORKING
INTEREST
 STATUS
 

Madera 24 Fed 3H
  Lea, NM   RMR Operating   Horizontal   Brushy Canyon   32%   Drilled. Completion in progress.
 

Madera 25 Fed 1 SWD
  Lea, NM   RMR Operating   Disposal   Cherry Canyon   25%   SWD conversion completed.Surface facilities under construction.


CROSS BORDER
 

WELL NAME
 COUNTY  OPERATOR  WELL TYPE  FORMATION  WORKING
INTEREST
 STATUS
 

Tom Tom Area
  Chavez, NM   Cross Border   Vertical Workovers   San Andres   75%   Commence operations by 04/22/13. Includes 10 well workover program and area wide remediation plan(75% WI is the field average)
 


Lusk 34 Fed 1H
  Eddy, NM   Apache   Horizontal   Bone Springs   29%   Drilled and Completed. Awaiting flowback results
 

Lusk 34 Fed 2H
  Eddy, NM   Apache   Horizontal   Bone Springs   29%   Drilled and Completed. Awaiting flowback results
 

Zircon 2 DA State 1H
  Eddy, NM   Mewbourne   Horizontal   Bone Springs   13%   Drilled. Completion in progress
 

Bradley 30 Fed Com 4H
  Eddy, NM   Mewbourne   Horizontal   Bone Springs   6%   Drilled and Completed. Awaiting flowback results
 

Grave Digger 4H
  Eddy, NM   Concho   Horizontal   Yeso   6%   Drilled and completed. First production January 2013
 

Grave Digger 5H
  Eddy, NM   Concho   Horizontal   Yeso   6%   Drilled and completed. First production January 2013
 

Grave Digger 6H
  Eddy, NM   Concho   Horizontal   Yeso   6%   AFE signed 01/08/2013
 

Grave Digger 7H
  Eddy, NM   Concho   Horizontal   Yeso   6%   AFE signed 01/08/2013
 

Delhi B State 4
  Eddy, NM   Alamo   Vertical   Queen Grayburg San Andres   6%   Drilled and Completed. Awaiting flowback results
 

Horseshoe 30 State 1
  Eddy, NM   Lime Rock   Vertical   Yeso   3%   Drilling
 

Roo 22 State 9
  Eddy, NM   Oxy   Vertical   Yeso   3%   AFE signed 4/4/2013
 

Roo 22 State 10
  Eddy, NM   Oxy   Vertical   Yeso   3%   AFE signed 4/4/2013
 

KSI 22 Fed 2H
  Lea, NM   Devon   Horizontal   Bone Springs   2%   Drilled. Completion in progress.

About Red Mountain Resources

Information about Red Mountain Resources is available on its website, www.redmountainresources.com.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward-looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom the Company has contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information risks for the Company can be found in the Company's filings with the U.S. Securities and Exchange Commission.

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