NEW BRAUNFELS, Texas, Sept. 9, 2010 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (OTCBB:BROE) ("Baron" or the "Company"), an independent oil and gas company, today announced that oil production from its lease in Borden County, Texas is continuing upward due to an adjacent waterflood.
Management Comments
Ronnie L. Steinocher, President and CEO, commented, "Our August production report for our Johnson Lease in Borden County shows that production is continuing to increase monthly due to the impact of an adjacent waterflood."
Mr. Steinocher also noted, "So far we have only seen production increases in the Johnson-3 well and not the Johnson-1. If the waterflood continues, we may begin to see positive response in the Johnson-1 before much longer. The Johnson wells are producing from the Spraberry Formation and are on 80 acre spacing."
Baron owns a non-operated 27.25% working interest (20.4375% net royalty interest) in this lease. The property includes two producing wells and 160 acres.
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.
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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.
CONTACT: Baron Energy, Inc. Investor Contact: Brad Holmes (713) 654-4009 b_holmes@att.net