HOUSTON, Jan. 26, 2010 (GLOBE NEWSWIRE) -- Baron Energy Inc. (OTCBB:BROE), an independent oil and natural gas company, announces new management team to coincide with the closing of the merger with Pertex LP.
As part of the merger between Baron Energy, Inc. and the Pertex LP companies, Pertex management will become the new management team for Baron Energy, Inc. This highly experienced management team that has worked together for more than 17 years will be responsible for developing the company's vision and business plan execution, including sourcing of capital, producing property acquisitions, and day-to-day management of its oil and gas assets.
Mr. Ronnie L. Steinocher (59) will assume the position of Chairman, President and Chief Executive Officer. Mr. Steinocher is a seasoned veteran with more than 30 years of oil and gas experience. This experience includes all upstream petroleum engineering disciplines, extensive business development skills, and general management responsibilities. He is a founder of the three private companies that will be merging with Baron Energy and has worked as an owner/operator in the Permian Basin of West Texas since 2001. Mr. Steinocher is a licensed professional engineer in the state of Texas and a member of the Society of Petroleum Engineers.
Ms. Lisa P. Hamilton (49) will assume the position of Executive Vice President. Ms. Hamilton has more than 30 years of progressive oil and gas experience including, finance, land, general management, and as an owner/operator of a private oil and gas company located in the Permian Basin of West Texas since 2001. She is a founder of the three private companies that will be merging with Baron Energy. Ms. Hamilton will also serve on the company's Board of Directors.
Management Comments
Mr. Steinocher said; "We have been seeking a business opportunity like this for some time and are pleased to be merging with Baron Energy, Inc. We believe our more than 60 years of combined oil and gas experience and skills will merge well with Baron's existing shareholders and business acumen. Along with our existing production portfolio, we have a number of potential acquisitions in our current pipeline and will begin rolling these out shortly after the merger is finalized. Our near-term goal is to grow our production, reserves, and revenue stream as fast and prudently as possible."
About Baron Energy
Baron Energy (OTCBB:BROE) is an independent oil and gas exploration and development company with assets in the prolific oil producing region of North Texas and a significant acreage position along the Texas Gulf Coast. Baron's strategy is to grow production and reserves through low-risk, low-cost exploitation and development combined with higher risk exploration drilling in prospects that have the potential for significant hydrocarbon discoveries. This will be supplemented with acquisitions of underdeveloped properties that complement our current core assets.
Baron intends to focus its efforts on the development and exploitation of its South Texas property primarily through joint ventures with industry partners. In addition the company will continue taking advantage of low-risk opportunities on its existing acreage while continuing to consider exploratory opportunities by applying technology and capital to deeper zones with significant upside potential. In conjunction, Baron will pursue accretive acquisitions in core areas. For additional information please see the Company web site at www.baronenergy.com.
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Baron Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in production which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors. The Company's complete filings with the Securities and Exchange Commission are available at www.sec.gov/">http://www.sec.gov.