Baron Energy, Inc. Enters Into Participation Agreement for Major Reactivation Project in the Texas Panhandle
April 10 2012 - 8:30AM
Baron Energy, Inc. (Pink Sheets:BROE) ("Baron" or the "Company"),
an independent oil and gas company, announced today that it has
entered into an agreement to participate in a significant
production enhancement program on a large producing property in
Hutchinson County, Texas.
Management Comments
Ronnie L. Steinocher, President and CEO, said, "We have
partnered with Wasp Energy, LLC ("Wasp"), to reactivate up to 40
oil wells in Hutchinson County, Texas. This program should take 2-3
months to complete and will significantly increase production in
the field. Wasp will perform field operations and Baron will
contribute engineering and administrative support for the
partnership."
Mr. Steinocher added, "This project has existing production and
substantial low-cost upside that can be realized in a short
time-frame. This 1,200-acre leasehold includes 48 potential
producers at a depth of 3,000 feet and is located within the giant
Panhandle Field of North Texas We expect these properties to
have a remaining reserve life greater than 40 years."
About Baron Energy, Inc.
Baron Energy, Inc. (Pink Sheets:BROE) is an independent oil and
gas production, exploitation, and exploration company headquartered
in New Braunfels, Texas, with producing assets in the prolific oil
producing Permian Basin of West Texas and North Central Texas.
Baron owns production that is 100% 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.
Forward-Looking Statement
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.
CONTACT: Baron Energy, Inc.
Investor Contact
Brad Holmes
(713) 654-4009
b_holmes@att.net
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