Attached files
| file | filename |
|---|---|
| EX-99.1 - CROSS BORDER RESOURCES, INC. | v210310_ex99-1.htm |
| EX-10.1 - CROSS BORDER RESOURCES, INC. | v210310_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
January 31,
2011
Date of
Report (Date of earliest event reported)
CROSS BORDER RESOURCES,
INC.
(Exact
name of registrant as specified in its charter)
|
NEVADA
|
000-52738
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98-0555508
|
|
(State
or other jurisdiction of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer Identification No.)
|
|
22610
US Highway 281 N., Suite 218
San
Antonio, TX
|
78258
|
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(432)
789-1180
Registrant's
telephone number, including area code
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17
CFR 240.13e-4(c))
|
ITEM
1.01 ENTRY INTO A MATERIAL DEFINITIVE
AGREEMENT
Amended and Restated Credit
Agreement
On
January 31, 2010, Cross Border Resources, Inc. (the “Company”) entered into an
amended and restated credit agreement (the “Credit Agreement”) with Texas
Capital Bank, N.A. (“TCB”). The Credit Agreement provides the Company
with an initial borrowing base of US $4,000,000. Provided that the
trustee for the Company’s 7½% Debentures, Series 2005 (the “Pure Debentures”)
consents, the amount available under the Credit Agreement may be increased by
TCB up to US $25,000,000 based on the Company’s reserve reports and the value of
the Company’s oil and gas properties. If the trustee for the Pure
Debentures does not consent, the maximum available under the Credit Agreement
will be limited to US $10,000,000. The Company is obligated under the
Pure Debentures pursuant to its acquisition of Pure Energy Group, Inc. on
January 3, 2011. The Credit Agreement has a term of 3 years, with
interest payable at the greater of 4% per annum or TCB’s base rate of interest
plus 0.5%. Amounts advanced under the Credit Agreement are secured by
all of the Company’s oil and gas and other properties. Proceeds
advanced under the Credit Agreement may be used by the Company for general
working capital purposes and to fund the acquisition and development of oil and
gas properties. Accrued and unpaid interest on the outstanding loan
balance (the “Loan Balance”) is due and payable monthly commencing on March 1,
2011 and continuing on the first day of each calendar month
thereafter. The Loan Balance is due and payable at the end of the
term of the Credit Agreement.
The
above summary is qualified in its entirety by reference to the full text of the
Credit Agreement a copy of which are filed as exhibit 10.1 to this Current
Report on Form 8-K and incorporated herein by reference.
A
copy of the Company’s press release regarding the execution of the Credit
Agreement is attached as an exhibit to this report.
ITEM
9.01 FINANCIAL STATEMENTS AND
EXHIBITS.
(d) Exhibits
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Exhibit Number
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Description of Exhibit
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10.1
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Amended
and Restated Credit Agreement between Cross Border Resources, Inc. and
Texas Capital Bank, N.A. dated January 31, 2011.
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99.1
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News
release dated February 1, 2011.
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2
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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CROSS
BORDER RESOURCES, INC.
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Date: February
7, 2011
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By:
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/s/
P. Mark Stark
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P.
Mark Stark
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Chief
Financial Officer and
Treasurer
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