MIDLAND, Texas, April 15, 2010 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (OTCBB:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today that it has completed its due diligence including field inspections of all properties pertaining to its upcoming acquisition. The properties consist of 90% oil production and 10% gas production and more than 3,000 acres.
Ronnie L. Steinocher, President and CEO of Baron Energy, commented; "This is a substantial acquisition for Baron and the due diligence effort took some time to complete. We will now begin working to close in a timely manner." Mr. Steinocher also said, "Due to the size of this acquisition we will also be developing a plan to ensure that the operatorship and ongoing field operations occur seamlessly. This will require a well thought out plan due to the size and scope of the operations."
About Baron Energy, Inc.
Baron Energy (OTCBB:BROE) 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 development 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.