Baron Energy, Inc. to Increase Interest to 100% in Texas Panhandle Oil Project
November 05 2012 - 8:30AM
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.
Management Comments
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.
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
Baron Energy (CE) (USOTC:BROE)
Historical Stock Chart
From Jul 2024 to Aug 2024
Baron Energy (CE) (USOTC:BROE)
Historical Stock Chart
From Aug 2023 to Aug 2024