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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C.&nbsp;&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>March 1, 2012</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CROSS BORDER RESOURCES, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center">NEVADA</TD>
    <TD STYLE="width: 25%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center">000-52738</TD>
    <TD STYLE="width: 37%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center">98-0555508</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation)</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number)</P></TD>
    <TD STYLE="font-size: 10pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>22610 US Highway 281 N., Suite 218</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>San Antonio, TX</B></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">78258</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>(210) 226-6700</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant's telephone number, including area
code</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since
last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEMS 1.01 AND 2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
AND CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Amendment to Credit Agreement with Texas Capital Bank</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 1, 2012, TCB and Cross Border Resources, Inc. (the &ldquo;Company&rdquo;)
entered into a Consent, Waiver and First Amendment to Amended and Restated Credit Agreement (&ldquo;TCB Amendment&rdquo;) with
Texas Capital Bank, N.A. (&ldquo;TCB&rdquo;) thereby increasing the Company&rsquo;s borrowing base to $9,500,000. This TCB Amendment,
which is effective February 29, 2012, amended that certain Amended and Restated Credit Agreement (the &ldquo;Credit Agreement&rdquo;)
entered into by and between the Company and TCB on January 31, 2011.&nbsp;&nbsp;The Credit Agreement provided the Company with
an initial borrowing base of $4,000,000 but provided that the amount available under the Credit Agreement could be increased by
TCB up to $25,000,000 based on the Company&rsquo;s reserve reports and the value of the Company&rsquo;s oil and gas properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 1, 2012, $<FONT STYLE="color: black">3,295,000
</FONT>of this increased available loan amount was used by the Company to redeem in full its 7&frac12;% Debentures, Series 2005
(the &ldquo;Pure Debentures&rdquo;) as more fully described below under Item 1.02. Prior to the redemption, the maximum borrowing
amount available under the Credit Agreement was limited to $5,000,000 unless the trustee for the Pure Debentures consented to the
increase. The redemption of the Pure Debentures allowed for the increase in the borrowing base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The above summary is qualified in its entirety by reference to
the full text of the Credit Agreement, a copy of which was filed as exhibit 10.1 to the Current Report on Form 8-K filed on February
7, 2011, and a copy of the Consent, Waiver and First Amendment to Amended and Restated Credit Agreement filed as exhibit 10.1 to
this Current Report on Form 8-K and incorporated herein by reference.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEMS 5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGMENTS OF CERTAIN OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Amendment to Employment Agreement with Will Gray</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 6, 2012, the Company entered into
an Amendment to Employment Agreement with Everett Willard &ldquo;Will&rdquo; Gray II (the &ldquo;Gray Amendment&rdquo;). The Gray
Amendment did not expand the term of Mr. Gray&rsquo;s employment but did amend the amounts payable to Mr. Gray upon termination
without Cause (as defined in his original employment agreement), upon termination by Mr. Gray for Good Reason (as defined in his
original employment agreement) or upon a Corporate Transaction (as defined in his original employment agreement) and amended the
timing of such payment and definition of Corporate Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Gray Amendment provides that in the event Mr. Gray is terminated
without Cause by the Company (other than for death or disability) during the initial two-year term or upon a change in control
event occurring during the initial two-year term (defined as a Corporate Transaction in the original Employment Agreement), Mr.
Gray will be paid the following compensation: a lump sum cash payment in an amount equal to the sum of (a) twenty four (24) months
of Mr. Gray&rsquo;s annual base salary, and (b) the monetary equivalent of Mr. Gray&rsquo;s benefits for a period of twenty-four
(24) months. No severance is to be paid if Mr. Gray is terminated by the Company for Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's Compensation Committee discussed and approved (subject
to final approval by management and the full Board of Directors) the general terms of the increased severance and change in control
payment in November 2011. Management and the full Board of Directors approved the terms of the increased severance and change in
control payment and finalized the form of the Gray Amendment on March 6, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Amendment to Employment Agreement with Larry Risley</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 6, 2012, the Company entered into
an Amendment to Employment Agreement with Lawrence J. Risley (the &ldquo;Risley Amendment&rdquo;). The Risley Amendment did not
expand the term of Mr. Risley&rsquo;s employment but did amend the amounts payable to Mr. Risley upon termination without Cause
(as defined in his original employment agreement), upon termination by Mr. Risley for Good Reason (as defined in his original employment
agreement) or upon a Corporate Transaction (as defined in his original employment agreement) and amended the timing of such payment
and definition of Corporate Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Risley Amendment provides that in the event Mr. Risley is terminated
without cause by the Company (other than for death or disability) during the initial two-year term or upon a change in control
event occurring during the initial two-year term (defined as a Corporate Transaction in the original Employment Agreement), Mr.
Risley will be paid the following compensation: a lump sum cash payment in an amount equal to the sum of (a) twenty four (24)
months of Mr. Risley&rsquo;s annual base salary, and (b) the monetary equivalent of Mr. Risley&rsquo;s benefits for a period of
twenty-four (24) months. No severance is to be paid if Mr. Risley is terminated by the Company for Cause.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's Compensation Committee discussed and approved (subject
to final approval by management and the full Board of Directors) the general terms of the increased severance and change in control
payment in November 2011. Management and the full Board of Directors approved the terms of the increased severance and change in
control payment and finalized the form of the Risley Amendment on March 6, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Letter Agreement with Nancy S. Stephenson</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 6, 2012, the Company agreed by letter
agreement to pay to Nancy S. Stephenson certain amounts if she is terminated without Cause, upon her termination for Good Reason
or upon a Corporate Transaction (all as defined therein) occurring on or before January 31, 2013. Upon such occurrence, she will
be paid an amount equal to six (6) months of her annual base salary. No severance is to be paid if she is terminated by the Company
for Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The above summaries are qualified in their entirety by reference
to the full text of the two Amendments to Employment Agreements (for Messrs. Gray and Risley) and the Letter Agreement to Ms. Stephenson,
copies of which are filed as exhibits 10.2 through 10.4 to this Current Report on Form 8-K and incorporated herein by reference.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 1.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described under Item 1.01, the Company used $<FONT STYLE="color: black">3,295,000
</FONT>from the increased borrowing base from TCB to redeem the Pure Debentures issued pursuant to that certain Trust Indenture
dated as of March 1, 2005, from Pure Energy and Pure Gas, as Issuer, to First Security Bank, as Trustee and Paying Agent (the &ldquo;Trust
Indenture&rdquo;) filed as Exhibit 4.1 to the Current Report on Form 8-K filed on January 7, 2011. Upon redemption in full of the
Pure Debentures, the Trust Indenture was terminated and is of no further force or effect other than those terms that expressly
survive termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS
AND EXHIBITS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&#9;<U>Exhibits</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Exhibit Number</TD>
    <TD STYLE="width: 81%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Description of Exhibit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent, Waiver and First Amendment to Amended and Restated Credit Agreement with Texas Capital Bank, N.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First Amendment to Employment Agreement with Everett Willard &ldquo;Will&rdquo; Gray II</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">First Amendment to Employment Agreement with Lawrence J. Risley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.4</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Letter Agreement with Nancy S. Stephenson</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 6, 2012&nbsp;</TD>
    <TD COLSPAN="2"><B>CROSS BORDER RESOURCES, INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Everett Willard Gray, II</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Everett Willard Gray, II<BR>Chief Executive Officer and Chairman of the Board</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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{"company-data": {"conformed-name": "CROSS BORDER RESOURCES, INC.", "cik": "0001373485", "assigned-sic": "1311", "irs-number": "980555508", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-52738", "film-number": "12669963"}, "business-address": {"street1": "22610 US HIGHWAY 281 N.", "street2": "SUITE 218", "city": "SAN ANTONIO", "state": "TX", "zip": "78258", "phone": "432-789-1180"}, "mail-address": {"street1": "22610 US HIGHWAY 281 N.", "street2": "SUITE 218", "city": "SAN ANTONIO", "state": "TX", "zip": "78258"}, "former-company": [{"former-conformed-name": "Doral Energy Corp.", "date-changed": "20080428"}, {"former-conformed-name": "Language Enterprises Corp.", "date-changed": "20060821"}]}
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
March 1, 2012
Date of Report (Date of earliest event reported)
CROSS BORDER RESOURCES, INC.
(Exact name of registrant as specified in its
charter)
NEVADA
000-52738
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)
(210) 226-6700
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))
ITEMS 1.01 AND 2.03          ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
AND CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT
Amendment to Credit Agreement with Texas Capital Bank
On March 1, 2012, TCB and Cross Border Resources, Inc. (the "Company")
entered into a Consent, Waiver and First Amendment to Amended and Restated Credit Agreement ("TCB Amendment") with
Texas Capital Bank, N.A. ("TCB") thereby increasing the Company's borrowing base to $9,500,000. This TCB Amendment,
which is effective February 29, 2012, amended that certain Amended and Restated Credit Agreement (the "Credit Agreement")
entered into by and between the Company and TCB on January 31, 2011.  The Credit Agreement provided the Company with
an initial borrowing base of $4,000,000 but provided that the amount available under the Credit Agreement could be increased by
TCB up to $25,000,000 based on the Company's reserve reports and the value of the Company's oil and gas properties.
On March 1, 2012, $
3,295,000
of this increased available loan amount was used by the Company to redeem in full its 7½% Debentures, Series 2005
(the "Pure Debentures") as more fully described below under Item 1.02. Prior to the redemption, the maximum borrowing
amount available under the Credit Agreement was limited to $5,000,000 unless the trustee for the Pure Debentures consented to the
increase. The redemption of the Pure Debentures allowed for the increase in the borrowing base.
The above summary is qualified in its entirety by reference to
the full text of the Credit Agreement, a copy of which was filed as exhibit 10.1 to the Current Report on Form 8-K filed on February
7, 2011, and a copy of the Consent, Waiver and First Amendment to Amended and Restated Credit Agreement filed as exhibit 10.1 to
this Current Report on Form 8-K and incorporated herein by reference.
ITEMS 5.02          DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGMENTS OF CERTAIN OFFICERS
Amendment to Employment Agreement with Will Gray
On March 6, 2012, the Company entered into
an Amendment to Employment Agreement with Everett Willard "Will" Gray II (the "Gray Amendment"). The Gray
Amendment did not expand the term of Mr. Gray's employment but did amend the amounts payable to Mr. Gray upon termination
without Cause (as defined in his original employment agreement), upon termination by Mr. Gray for Good Reason (as defined in his
original employment agreement) or upon a Corporate Transaction (as defined in his original employment agreement) and amended the
timing of such payment and definition of Corporate Transaction.
The Gray Amendment provides that in the event Mr. Gray is terminated
without Cause by the Company (other than for death or disability) during the initial two-year term or upon a change in control
event occurring during the initial two-year term (defined as a Corporate Transaction in the original Employment Agreement), Mr.
Gray will be paid the following compensation: a lump sum cash payment in an amount equal to the sum of (a) twenty four (24) months
of Mr. Gray's annual base salary, and (b) the monetary equivalent of Mr. Gray's benefits for a period of twenty-four
(24) months. No severance is to be paid if Mr. Gray is terminated by the Company for Cause.
The Company's Compensation Committee discussed and approved (subject
to final approval by management and the full Board of Directors) the general terms of the increased severance and change in control
payment in November 2011. Management and the full Board of Directors approved the terms of the increased severance and change in
control payment and finalized the form of the Gray Amendment on March 6, 2012.
Amendment to Employment Agreement with Larry Risley
On March 6, 2012, the Company entered into
an Amendment to Employment Agreement with Lawrence J. Risley (the "Risley Amendment"). The Risley Amendment did not
expand the term of Mr. Risley's employment but did amend the amounts payable to Mr. Risley upon termination without Cause
(as defined in his original employment agreement), upon termination by Mr. Risley for Good Reason (as defined in his original employment
agreement) or upon a Corporate Transaction (as defined in his original employment agreement) and amended the timing of such payment
and definition of Corporate Transaction.
The Risley Amendment provides that in the event Mr. Risley is terminated
without cause by the Company (other than for death or disability) during the initial two-year term or upon a change in control
event occurring during the initial two-year term (defined as a Corporate Transaction in the original Employment Agreement), Mr.
Risley will be paid the following compensation: a lump sum cash payment in an amount equal to the sum of (a) twenty four (24)
months of Mr. Risley's annual base salary, and (b) the monetary equivalent of Mr. Risley's benefits for a period of
twenty-four (24) months. No severance is to be paid if Mr. Risley is terminated by the Company for Cause.
The Company's Compensation Committee discussed and approved (subject
to final approval by management and the full Board of Directors) the general terms of the increased severance and change in control
payment in November 2011. Management and the full Board of Directors approved the terms of the increased severance and change in
control payment and finalized the form of the Risley Amendment on March 6, 2012.
Letter Agreement with Nancy S. Stephenson
On March 6, 2012, the Company agreed by letter
agreement to pay to Nancy S. Stephenson certain amounts if she is terminated without Cause, upon her termination for Good Reason
or upon a Corporate Transaction (all as defined therein) occurring on or before January 31, 2013. Upon such occurrence, she will
be paid an amount equal to six (6) months of her annual base salary. No severance is to be paid if she is terminated by the Company
for Cause.
The above summaries are qualified in their entirety by reference
to the full text of the two Amendments to Employment Agreements (for Messrs. Gray and Risley) and the Letter Agreement to Ms. Stephenson,
copies of which are filed as exhibits 10.2 through 10.4 to this Current Report on Form 8-K and incorporated herein by reference.
ITEM 1.02          TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
As described under Item 1.01, the Company used $
3,295,000
from the increased borrowing base from TCB to redeem the Pure Debentures issued pursuant to that certain Trust Indenture
dated as of March 1, 2005, from Pure Energy and Pure Gas, as Issuer, to First Security Bank, as Trustee and Paying Agent (the "Trust
Indenture") filed as Exhibit 4.1 to the Current Report on Form 8-K filed on January 7, 2011. Upon redemption in full of the
Pure Debentures, the Trust Indenture was terminated and is of no further force or effect other than those terms that expressly
survive termination.
ITEM 9.01          FINANCIAL STATEMENTS
AND EXHIBITS.
(d)
Exhibits
Exhibit Number
Description of Exhibit
10.1
Consent, Waiver and First Amendment to Amended and Restated Credit Agreement with Texas Capital Bank, N.A.
10.2
First Amendment to Employment Agreement with Everett Willard "Will" Gray II
10.3
First Amendment to Employment Agreement with Lawrence J. Risley
10.4
Letter Agreement with Nancy S. Stephenson
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.
Date:     March 6, 2012
CROSS BORDER RESOURCES, INC.
By:
/s/ Everett Willard Gray, II
Everett Willard Gray, II
Chief Executive Officer and Chairman of the Board