Red Mountain Resources Files Definitive Consent Statement Seeking to Add Six Members to Cross Border Resources’ Board of

  Red Mountain Resources Files Definitive Consent Statement Seeking to Add Six
  Members to Cross Border Resources’ Board of Directors

Urges Stockholders to Support Red Mountain’s Efforts to Restore Credibility at
        Cross Border by Executing and Delivering a WHITE Consent Card

Business Wire

DALLAS -- March 15, 2012

Red Mountain Resources, Inc. (“RMR”) (OTC BB: RDMP.OB), a growth-oriented
energy company engaged in the acquisition, development and exploration of oil
and natural gas properties, today announced that it has filed definitive
consent solicitation materials with the Securities and Exchange Commission and
will commence distribution of those soliciting materials to stockholders of
Cross Border Resources, Inc. (OTCQX: XBOR) (“Cross Border” or the “Company”),
to solicit consents to, among other things, add RMR’s six highly qualified
nominees to the Cross Border Board.

RMR, directly and through Black Rock Capital, Inc., its wholly owned
subsidiary, is collectively the largest stockholder of Cross Border, owning
approximately 29.95% of the outstanding shares of Cross Border. Holders of
Cross Border shares as of the close of business on February 21, 2012, the
record date for the Consent Solicitation, are entitled to execute and deliver
a WHITE consent card in support of RMR’s proposals.

RMR believes the election of its six nominees is essential to restore and
maximize stockholder value at Cross Border and to properly address the
significant issues facing Cross Border as a result of erratic and inconsistent
management of the business and the misallocation of capital and resources.

RMR asks fellow stockholders to consider the following poor decisions overseen
by the current Cross Border Board and management:

  *The Board’s decision to engage multiple investment banks and strategic
    advisors in the course of just nine months.
  *The Board’s decision to waste time and Company resources in pursuit of a
    merger with American Standard Energy Corporation, whose area of focus is
    in regions outside of the focus of the Company’s stated strategic plans.
  *Management’s decision to allocate significant resources and capital for
    acquisition and development of the Wolfberry in the Permian Basin, rather
    than focus on investments in properties and prospects with better
    potential returns.

RMR also questions Cross Border’s recent wave of stockholder-unfriendly
corporate governance practices aimed at disenfranchising stockholders and
entrenching management and the Board:

  *The Company has not held an annual meeting of stockholders for the
    election of directors since its inception in 2006 and only agreed to hold
    an annual meeting this year after RMR petitioned the Nevada court to
    compel one under state law.
  *The Company adopted an overly restrictive “poison pill” Bylaw amendment in
    November 2011 and has indicated it intends to use this “poison pill” to
    “chill” the ability of any stockholder to run a proxy contest to elect an
    alternate slate of directors. Despite what the Company may have
    stockholders believe, it intends, at a minimum, to interpret the language
    of the “poison pill” Bylaw to neutralize any revocable proxies that
    stockholders may grant to RMR in a proxy solicitation that are in excess
    of 30% of the Company’s outstanding shares. Such a grossly overbroad
    interpretation of the already overreaching “poison pill” Bylaw would
    effectively prevent stockholders from electing an alternate slate of
    director candidates through either a consent solicitation or at this
    year’s annual meeting. Do not be misled. The current Board does not want
    to allow its stockholders to have their voices heard.
  *Less than one week after RMR filed preliminary written consent materials
    with the Securities and Exchange Commission, the Company amended its
    Bylaws to take away the ability of stockholders to act by written consent.
  *The Company’s decision to amend the employment agreements of the Chairman
    and Chief Executive Officer, Everett Willard “Will” Gray II, the Chief
    Operating Officer and Director, Lawrence J. Risley and the Chief
    Accounting Officer, Treasurer and Secretary, Nancy S. Stephenson, to
    include a lump sum 24-month salary payment (six month for Mrs. Stephenson)
    upon a change of control. These self-serving amendments were effectuated
    shortly after the Company engaged Keybanc to explore strategic
    alternatives, including potential transactions that, if consummated, would
    trigger golden parachutes for these executives, and shortly after the
    Company was forced to schedule an annual meeting at which Directors Gray
    and Risley potentially could be ousted.

The Company does not want the voices of its stockholders to be heard or their
votes to count, and is intent on doing anything it can to prevent stockholders
from having a say on Cross Border’s future. These recent
stockholder-unfriendly actions are the work of a Board in fear of losing an
election contest and are designed to block the democratic process, limit
accountability and further entrench the Board and management team. The current
directors have made a mockery out of their fiduciary duties to their
stockholders. It’s time to send a loud and clear message that the Company’s
stockholders want change now at Cross Border.

Alan Barksdale, RMR’s CEO, commented, “We are extremely dissatisfied with the
current direction of Cross Border and have serious concerns about actions
taken by both the management team and the Board of Directors. Management has
been unable to unlock value from a set of assets that if managed
appropriately, should have been producing stronger results years ago. In
addition, the Company chased a business combination that had little to do with
its business model, and set its sights on an area of the Permian Basin that
provides the lowest return on capital when compared to other properties in the
Company’s portfolio. In the meantime, the Board has allowed the management
team to continue to mismanage the business, and has adopted overly restrictive
Bylaw amendments aimed at further entrenching and enriching the current
management team and directors.”

“There is an irrefutable need to elect directors that are capable of ensuring
policy changes across the organization that will hold management to its stated
business objectives and will uphold good corporate governance. We urge all
stockholders to vote on the WHITE proxy card for our competent and experienced
slate of proposed director candidates.”

For further information regarding RMR’s consent solicitation, including
information on RMR’s six director nominees and when stockholders will receive
the WHITE proxy card, stockholders can visit the Securities and Exchange
Commission’s website at www.sec.gov. RMR anticipates delivering such
information to stockholders on or about March 20, 2012.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the securities
Exchange Act of 1934. All statements, other than statements of historical
facts, included in this press release that address activities, events, or
developments RMR expects, believes, or anticipates will or may occur in the
future are forward-looking statements. These statements are based on certain
assumptions made by RMR based on management’s experience and perception of
historical trends, current conditions, anticipated future developments and
other factors believed to be appropriate. Such statements are subject to a
number of assumptions, risks, and uncertainties, many of which are beyond the
control of RMR, which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. Further information on
such assumptions, risks and uncertainties is available in RMRs filings with
the Securities and Exchange Commission (SEC). RMR’s SEC filings are available
on its website at www.RedMountainResources.com and on the SEC’s website at
www.sec.gov. Any forward-looking statement speaks only as of the date on which
such statement is made and RMR undertakes no obligation to correct or update
any forward-looking statement, whether as a result of new information, future
events or otherwise, except as required by applicable law.

About Red Mountain Resources, Inc.

Red Mountain Resources, Inc. (OTC BB: RDMP.OB) 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 and 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. RMR intends to grow
production and reserves through development and exploration activities on its
existing properties and through acquisitions that meet its long-term
objectives for production. For more information, please go to
www.RedMountainResources.com.

Contact:

Sloane & Company
Nevin Reilly, 212-446-1893
nreilly@sloanepr.com
 
Press spacebar to pause and continue. Press esc to stop.