XBOR Cross Border Resources Inc (CE)

Item 1.01           Entry into a Material Definitive Agreement.

On December 18, 2012, Cross Border Resources, Inc. (the “Company”) entered into an indemnification agreement with each of Earl Sebring, Interim President of the Company, and Kenneth J. Lamb, Chief Financial Officer, Secretary and Treasurer of the Company (collectively, the “Indemnitees”).

Pursuant to the indemnification agreements, the Company will indemnify, and advance amounts to, an Indemnitee to the fullest extent permitted by applicable law, as in effect on the date of the agreement or to such greater extent as applicable law may later permit, in connection with any proceedings brought against such Indemnitee by reason of his status as a director, officer, employee, agent or fiduciary of the Company, any subsidiary of the Company, or any other enterprise which such person is or was serving at the request of the Company. In order to be entitled to advances, the Indemnitee must enter into an agreement to repay such advances if it is ultimately determined that he is not entitled to indemnification.

The description of the indemnification agreements set forth in this Item 1.01 is qualified in its entirety by reference to the full text of the form of indemnification agreement between the Company and each of the Indemnitees which is filed as Exhibit 10.38 to the Company’s Post-Effective Amendment on Form S-1/A filed on June 1, 2012 and incorporated herein by reference.