First Motion for Exclusivity Period Extension Filed by RMR Operating, LLC
July 05, 2016 at 12:00 am
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RMR Operating, LLC filed a motion in the US Bankruptcy Court seeking the extension of its exclusivity periods on July 5, 2016. As per the motion, the debtor seeks to extend its exclusivity periods for both, to file a plan and to solicit votes on a plan, by 60 days i.e. up to September 6, 2016 and November 7, 2016, respectively. The debtor’s current exclusivity period and solicitation period would expire on July 6, 2016 and September 6, 2016, respectively.
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.