Baron Energy, Inc. to Increase Interest to 100% in Texas Panhandle Oil Project
SAN MARCOS, Texas, Nov. 5, 2012 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (Pink Sheets:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today that it plans to increase its ownership from 40% to 100% at its Texas Panhandle oil reactivation project.
Ronnie L. Steinocher, President and CEO, said, "We have reached our 6-month production target and are now ready to increase our ownership in the Texas Panhandle oil reactivation project. We plan to increase our interest from 40% to 100% and have agreed in principle on terms and conditions with our partners. Our goal is to close this acquisition prior to year-end."
Mr. Steinocher added, "We have quadrupled production since project inception in April 2012. Twenty-two producers are now on production and we plan to bring on-stream 1-3 producers per month for the next 6 months. This gives us an anchor project in the Texas Panhandle from which we plan to expand next year. We are currently reviewing a number of potential acquisitions for early next year."
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.