Baron Energy, Inc. Production Up 400% at Texas Panhandle Oil Reactivation Project
SAN MARCOS, Texas, Oct. 29, 2012 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (Pink Sheets:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today that production at its Texas Panhandle project reached a new high in October. Additional reactivation and production enhancement work will be implemented to further increase and stabilize production.
Ronnie L. Steinocher, President and CEO, said, "We have achieved the production targets originally set for this project. We now have 20 oil wells on production and at least another 20 in inventory to be reactivated. In October we hit a new high of 30 BOPD and 30 MCFPD. We plan to bring an additional 1-3 wells on-stream per month and continue to increase production monthly for at least the next 6 months."
Mr. Steinocher added, "We have quadrupled production on this project since its inception in April 2012. There are additional production enhancement and stabilization opportunities we are pursuing. We are testing a chemical program that, based on initial results, has stabilized production on select wells."
Baron owns a 40% interest in this project.
About Baron Energy, Inc.
Baron Energy, Inc. (Pink Sheets:BROE) is an independent oil and gas acquisition, production, exploitation, and exploration company headquartered in San Marcos, Texas, with producing assets in North, North Central, and West Texas.
Baron owns production that is 95% oil, both operated and non-operated, with working interests ranging from 12.5% to 100% in oil fields located in Archer, Baylor, Garza, Hutchinson, Jones, Runnels, Scurry, Taylor, and Young counties, Texas.
Baron's growth strategy centers on making accretive acquisitions, production enhancement programs, reactivation projects, and in-fill drilling, all within the Company's core area of North, North Central, and West Texas.
For more information, please visit www.baronenergy.com.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "potential," "intend," and similar expressions. Such forward-looking statements, involved known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Baron Energy, Inc. (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including risk factors discussed in the Company's periodic fillings with the Securities and Exchange Commission, which are available for review at www.sec.gov, including the Company's Annual Report on Form 10-K filed on October 23, 2009. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.