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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: RevoltNapper6 who wrote (164618)	2/27/2012 11:08:14 AM
From: 16bit	1 Recommendation Respond to of 206184

Revolt, The short of it is, Red Mountain wants to control the board of directors. They are trying to do this by having the board of directors expanded to 11, then having their six board members elected to the board. They also want to reverse the by-law that was enacted last fall that prevents them from accumulating more than 30% of the company. It is not friendly. Not sure what to think. Never been in board fight. Since Red Mountain owns almost 30%, I believe they have a reasonable shot of succeeding. Byron

To: RevoltNapper6 who wrote (164618)	3/1/2012 9:07:45 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 206184

Revolt, Cross Border Resources (XBOR.OB) -- hopefully you've had an opportunity to look at the 8Ks by now. Bottom line to me is nothing can happen until the annual meeting at this point, which is not until 5/9, so XBOR still has a little over 2 months to get some deal signed up before current management can get voted out of office. This doesn't leave much margin for error but I think they can pull it off. But now that they have more than enough borrowing base to make it through this year's cap ex requirements (after considering cash flow from operations) I wonder whether they might just decide to turn down any take-out offers that don't offer a reasonable amount for the company, and then try to deal with the Red Mountain issue some other way. Worst case is, Red Mountain takes the company over, which is not a great result but not the end of the world. The XBOR assets would still be there. Speaking of which, by this point they should know the IP rate for the next Cimarex Bone Spring well that they own 38% of, so I'm expecting another blockbuster ops update very soon, probably next week.