SAN MARCOS, Texas, July 16, 2012 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (Pink Sheets:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today the continuation of Phase 3 of its Texas Panhandle oil reactivation program and its intentions to proceed with Phase 4 immediately after the completion of Phase 3.
Management Comments
Ronnie L. Steinocher, President and CEO, said, "The completion of Phase 3 was delayed due to severe weather and downed electric power lines. Necessary repairs have been made and we have recommenced field operations for Phase 3. Phase 3 should be completed near the end of July at which time at least 22 oil wells will be on production."
Mr. Steinocher added, "Based on the positive production results to date, a Phase 4 will definitely be implemented on this project. We currently are planning to begin Phase 4 immediately upon completion of Phase 3."
About Baron Energy, Inc.
Baron Energy, Inc. (Pink Sheets:BROE) is an independent oil and gas acquisition, production, exploitation, and exploration company headquartered in San Marcos, Texas, with producing assets in North and West Texas.
Baron owns production that is 99% oil, both operated and non-operated, with working interests ranging from 12.5% to 100% in oil fields located in Archer, Baylor, Garza, Hutchinson, Jones, Runnels, Scurry, Taylor, and Young 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 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, involved 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.