Red Mountain Resources provides operations update

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. (XBOR.OB) ( "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 Program 10 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.

Stephen Evans

Red Mountain Resources, Inc.

214.871.0400

stephen@redmountainresources.com

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.

Tags:

About Us

Red Mountain Resources, Inc. is a growth-oriented, energy company engaged in the acquisition, development and exploration of oil and natural gas properties. The company's operations are focused in the Permian Basin of West Texas ans Southeast New Mexico and the onshore Gulf Coast of Texas. RMR combines an experienced management and consulting team with a fully-integrated strategy for growth and development.

Subscribe

Documents & Links