NEW BRAUNFELS, Texas, July 27, 2010 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (OTCBB:BROE) ("Baron" or the "Company"), an independent oil and gas company, today announced that it has completed Phase-1 of its production enhancement program. Baron also has begun the evaluation process for a number of bolt-on acquisition opportunities.
Management Comments
Ronnie L. Steinocher, CEO, commented, "We are moving along on our production enhancement program and have already completed Phase-1, which consisted of returning two wells to production. Phase-2 will add additional produced fluid capacity and water disposal to select producing wells which will also add to our daily production. Phase-3 will be to bring a few shut-in wells back on stream. Our plan is to have all Phases completed by the end of August. The enhancement goal is to increase current production by 20-30%."
Mr. Steinocher further noted, "We have recently been in contact with a few sellers about acquiring production within our existing area of operations and have started to evaluate these opportunities. Any new production acquisitions would be accretive and operated by Baron. We are targeting bolt-on opportunities that will increase our current production by 25-50%."
About Baron Energy
Baron Energy, Inc. (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 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.