MIDLAND, Texas, April 6, 2010 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (OTCBB:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today that it has agreed to increase its current working interest and assume operatorship in properties located in Scurry County, Texas. The properties consist of 100% oil production and more than 800 acres.
Ronnie L. Steinocher, President and CEO of Baron Energy commented: "This is a good opportunity located in our core area of operations. Not only will this acquisition significantly increase our current production, it could have more than 20 future drilling locations; many with stacked pay zones." Mr. Steinocher also stated, "This project is part of two oil discoveries made several years back that have never been fully developed. In addition, this acquisition is in line with our ongoing initiative to build a substantial portfolio of future drilling locations by mid-year and then commence an in-fill drilling program in the 3rd quarter."
About Baron Energy, Inc.
Baron Energy (OTCBB: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 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 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.