NEW BRAUNFELS, Texas, May 16, 2011 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (Pink Sheets:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today that it has recently acquired an oil producing property in Garza County, Texas.
Management Comments
Ronnie L. Steinocher, President and CEO, said, "We recently acquired a producing oil property in Garza County, Texas and own a 100% working interest in this Strawn formation producer. This is the type of bolt-on opportunity that we plan to acquire throughout the year. In this case we are adding 10% to our production base; there also appears to be room to increase existing production by completing some field work."
"Our goal is to add at least one bolt-on acquisition per month for the remainder of the year. We have a rolling inventory of properties from which to choose and with each acquisition we expand our inventory. We target oil properties that will add from 5-20% to our existing production base."
About Baron Energy, Inc.
Baron Energy, Inc. (Pink Sheets: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 100% oil, both operated and non-operated, with working interests ranging from 12.5% to 100% (mostly 100%) in oil fields located in Baylor, Garza, Jones, Runnels, Scurry, and Taylor counties, Texas.
Baron's growth strategy centers on making accretive acquisitions, production enhancement programs, reactivation projects, and in-fill drilling, all within the Company's core area of North Central and 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 fillings 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 23, 2009. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.