NEW BRAUNFELS, Texas, July 29, 2010 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (OTCBB:BROE) ("Baron" or the "Company"), an independent oil and gas company, today announced that it and Kodiak Capital Group, LLC of New York City ("Kodiak") have mutually agreed to terminate the non-binding term sheet to furnish a $10 million equity line.
As previously reported, the non-binding term sheet was subject to both parties mutually agreeing to terms set forth in an investment agreement. After many discussions over key terms, the two parties have determined that it is best to terminate their relationship and focus resources elsewhere.
"The termination of the credit line is a response to current market conditions," said Ronnie Steinocher, President and CEO of Baron. "Kodiak has been very receptive and responsive during our negotiations; we value the professional relationship the two companies were able to establish over the past months."
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long-term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has transacted in excess of $400 million in financing for companies across a multitude of industries including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City, Kodiak has assisted companies throughout North America, China and Australia.
For more information, please visit www.kodiak-capital.com
About Baron Energy, Inc.
Baron Energy (OTCBB: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.
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.