NEW BRAUNFELS, Texas, Feb. 24, 2011 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (Pink Sheets:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today that they have engaged Sunrise Securities Corporation ("Sunrise"), New York City, to assist the Company in executing its business strategy.
Baron plans to grow by making strategic producing property acquisitions located in the Permian Basin of West Texas. The Company is currently evaluating several new acquisition opportunities and Sunrise will assist in these evaluations, thus allowing management to focus on those that are most accretive. Baron is currently completing due diligence on three potential acquisitions and Sunrise will assist in this process. Additionally, Sunrise will assist the Company in recapitalizing debt and securing funds for acquisitions. The Sunrise energy team is headed up by Mr. Frank D. Bracken, III, Senior Managing Director, and headquartered in Houston, Texas.
Management Comments
Ronnie L. Steinocher, President and CEO, noted, "Teaming with Sunrise is a major positive step for Baron. This engagement provides an investment banking team with extensive small and micro-cap oil and gas experience. It also provides an outside party to assist with the evaluation of acquisition opportunities. Sunrise will also provide lead support for securing funds, structuring debt, and mergers and acquisitions. Frank's background as both an investment banker and a CFO for a public oil and gas company gives him a unique skill set that we think will blend well with our management team."
Lisa P. Hamilton, Executive Vice President and CFO, commented, "Having Sunrise on board will shore up our ability to secure funds, evaluate properties, and manage acquisitions. Frank's oil and gas background is extensive and we expect to immediately gain from his industry and transactional experience."
About Sunrise Securities Corp.
Sunrise Securities Corp. is a New York based boutique investment bank. Sunrise has been a leader in providing innovative financing and corporate financial advisory services to its clients since its founding in 1992. From established global players to promising young companies, our clients trust us to provide them with the sector and market expertise that enables them to finance their growth and development.
About Baron Energy, Inc.
Baron Energy, Inc. (Pink Sheets: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 100% oil, both operated and non-operated, with working interest ranging from 12.5% to 100% in oil fields located in Baylor, Jones, Runnels, Scurry, and Taylor Counties, Texas.
Baron's growth strategy centers on making accretive producing property acquisitions located 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.