NEW BRAUNFELS, Texas, July 1, 2010 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (OTCBB:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today that it has relocated its headquarters from Midland, Texas to New Braunfels, Texas effective immediately.
This move consolidates corporate headquarters with administrative offices and locates Baron closer to Houston, Texas, the center of the domestic oil and gas industry. The Company currently uses a number of service providers in Houston including accounting, auditing, engineering, and investor relations. This move also provides easier physical access to capital markets located in Houston.
Contact information for the Company is 392 West Mill Street, New Braunfels, Texas 78130, phone/fax (830) 608-0300.
Operations Update
Field work was recently completed to add 6 Bopd (barrels of oil per day) net that had been shut-in. Total production is now approximately 35 Boepd net.
Third party engineering has been received on one of the Company's pending acquisitions. This reserve report is required by lending institutions in order to compete formal due diligence on the property.
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.
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 drilling 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.