The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of RMR Operating, LLC on June 22, 2016. The Court approved the sale of substantially all the assets of RMR Operating, LLC via a public auction. To qualify as a qualified bidder, interested parties should submit their bids by June 29, 2016 accompanied by 10% of the proposed purchase price as good faith deposit. If the debtor receives any qualified bids then it would hold an auction for its assets on July 1, 2016. General objection deadline has been fixed for July 27, 2016. The sale hearing is scheduled for August 1, 2016.
Cross Border Resources, Inc. an independent natural gas and oil company engaged in the exploration, development, exploitation, and acquisition of natural gas and oil reserves in North America. The Company primarily focuses on the area of the State of New Mexico, principally southeastern New Mexico. As of June 30, 2014, the Company owned over 865,893 gross (approximately 293,843 net) mineral and lease acres in New Mexico. The Companyâs producing oil and natural gas properties are concentrated in the Permian Basin. The Companyâs main area of focus is the Tom Tom/Tomahawk Prospect, where the Company would continue work on the field alongside the execution of its remediation plan. A significant majority of its acreage consists of either owned mineral rights or leases held by production.
CROSS BORDER RESOURCES, INC. 
