MIDLAND, Texas, March 24, 2010 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (OTCBB:BROED) ("Baron" or the "Company"), an independent oil and gas company, announced today that it has agreed to preliminary terms on the purchase of a portfolio of producing properties located within its core area of operations. All properties will be operated by Baron. The properties consist of 90% oil, 10% natural gas, and more than 3,000 acres.
Ronnie L. Steinocher, President and CEO of Baron Energy commented: "This is an excellent opportunity within our core area of operations. This acquisition will significantly increase our current production, revenue, and reserves. Also included are more than 20 future drilling locations, many with stacked pay zones, and a number of near-term production enhancement projects."
About Baron Energy, Inc.
Baron Energy (OTCBB:BROED) is an independent oil and gas production, exploitation, and exploration company headquartered in Midland, Texas with producing assets in the prolific oil producing Permian Basin of West Texas.
Baron owns production that is 99% oil, both operated and non-operated, with working interest ranging from 5% to 100% in oil and gas fields located in Baylor, Borden, Garza, Jones, Runnels, Scurry and Taylor Counties, Texas.
Baron's growth strategy centers on making accretive property acquisitions in its core operating area. The Company targets properties that have oil production with upside developmental potential.
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, involve 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 filings 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 29th, 2009. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.