SAN MARCOS, Texas, June 25, 2015 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (Pink Sheets:BROE) (“Baron” or the “Company”), an independent crude oil and natural gas company, has provided a mid-year update and outlines its path forward for 2015.
Baron Energy, Inc. (Pink Sheets:BROE) is a publicly-traded, independent petroleum company engaged in the acquisition, development, and production of crude oil and natural gas in North America. We leverage the extensive experience of our management team to acquire, operate, and grow a portfolio of low-risk producing oil and gas properties with meaningful near-term upside and long-term production. Baron owns and operates oil and gas properties in South and Central Texas. The company is headquartered in San Marcos, Texas.
- Seasoned management team; over 35 years O&G experience each; 40% ownership
- Substantial asset base in place; 100% operated; 75-100% working interest; 8,000 acres plus
- Current production of 220 BOEPD (150 BOEPD net)
- 3P Reserves of approximately 4 million barrels of oil equivalent, mostly oil
- Organic growth; multi-year drilling inventory; multiple pay zones; 50-year reserve life
- Focused on low-risk vertical and horizontal oil wells; 92% oil weighted
- Ramp-up in production/revenue by year-end 2015 via new drills/recompletions
- Lateral recompletions projected to IP at 150-250 BOEPD
- Working to become fully SEC compliant and upgrade to the OTC exchange by year-end 2015
CEO Comments and Path Forward
“The company has an excellent, long-term asset base and a substantial platform for growth via the drill bit. The drop in oil prices earlier this year created a situation where we had to slow down our field work and push our drilling programs into the second half of the year. During this time we were able to more fully evaluate our entire asset base and update our geology and engineering. We have technically confirmed a good mix of low-risk, development drilling targets including shallow oil wells, horizontal wells, and lateral recompletions.”
“We are working to secure additional funds that will allow us to accelerate our drilling programs and make a good run at our year-end production and revenue targets.”
“And, as always, we are amenable to corporate events that have the potential to add significant shareholder value. Some of these events could be another major acquisition, an industry merger, or an outright sale of the company. Each event would be considered on its own merits.”
About Baron Energy, Inc.
Baron Energy, Inc. (Pink Sheets:BROE) is an independent crude oil and natural gas acquisition, production, and exploitation company headquartered in San Marcos, Texas, with producing assets in South and Central Texas.
Baron’s growth strategy centers on making meaningful producing property acquisitions with near-term upside and long-term production. The Company’s acquisition focus is on operated properties in Texas, Louisiana, and Oklahoma.
For more information, please visit www.baronenergy.com.
Forward Looking Statements
In addition to historical information contained herein, this news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the company’s actual results to differ materially from those in the “forward-looking” statements. While the company believes its forward looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company’s control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.
Baron Energy, Inc. Investor Contact Brad Holmes (713) 654-4009 firstname.lastname@example.org
Source:Baron Energy, Inc.