RMR Operating, LLC, along with its affiliates, filed a joint plan of reorganization in the US Bankruptcy Court on October 14, 2016. As per the plan filed, Administrative Claim and Priority Tax Claims will be paid in full. Allowed Secured Claims of Ad Valorem Taxing Authorities and Allowed Claims of Interest Burden Payees against all the debtors shall receive a Cash payment equal to such allowed claim. Any Allowed Secured Claims not Otherwise Classified against all the debtors shall receive, at the applicable Reorganized Debtor’s option, either Cash or payment pursuant to the existing agreement, or payment according to a new agreement or surrender of collateral securing the claim. Any Allowed General Unsecured Claims against Red Mountain (Red Mountain Resources, Inc.) shall receive Cash payment equal to 30% of its Allowed amount. Any Allowed General Unsecured Claims against RMR (RMR Operating, LLC) shall receive cash payment in equal to its Pro Rata share of the RMR Available Cash. Any Allowed General Unsecured Claims against Cross Border (Cross Border Resources, Inc.) and Black Rock (Black Rock Capital, Inc.) shall receive Cash payment equal to its Allowed amount. No distribution will be made on account of Any Allowed Intercompany Claims against Red Mountain and Cross Border. Any Allowed Intercompany Claims against RMR shall receive 100% of the membership interests in RMR. Each holder of an Allowed Intercompany Claim against Black Rock shall receive 100% of the membership interests in Black Rock. Holders of Preferred Equity Interests in Class 6RD1 will receive their Pro Rata share of the 90% of the New Red Mountain Equity. Holders of Equity Interests in Red Mountain, other than those holding Preferred Equity Interests, will receive their Pro Rata share of 10% of the New Red Mountain Equity. The existing Equity Interests in RMR Black Rock Rock will be extinguished and holders will not retain their Equity Interests. Holders of Equity Interests against Cross Border will retain their Equity Interests in Cross Border. The plan will be funded through cash in hand and cash generated from asset sales. All other distributions will be funded by each Debtor independently of the other Debtors.
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. 
