NEW BRAUNFELS, Texas, Sept. 20, 2010 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (OTCBB:BROE) ("Baron" or the "Company"), an independent oil and gas company, today announced that it has completed Phase 2 of its production enhancement program.
Management Comments
Ronnie L. Steinocher, President and CEO, commented, "After a 4-week delay due to heavy rains in our operational area, we have completed Phase 2 of our three-phase production enhancement program. We now plan to begin Phase 3 in early October. When Phase 3 is complete we will have reached our goal of increasing production by 20-30% from midyear.
Mr. Steinocher also noted, "In July we initiated a program to identify a few potential bolt-on acquisitions in our core area of operations. That program is now complete and we have added 10 new potential projects to our list. We are currently reviewing technical information on many of these projects. Any new production acquisitions would be operated by Baron. We are targeting bolt-on opportunities that will increase our current production by 25-50%."
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 , 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