SAN MARCOS, Texas, June 4, 2012 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (Pink Sheets:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today that Phase 2 of field operations has been completed at its Hutchinson County, Texas oil reactivation program in the Texas Panhandle, and that Phase 3 is underway.
Management Comments
Ronnie L. Steinocher, President and CEO, said, "Phase 2 of this large, 3-phase, oil reactivation program has now been completed; we have moved directly into Phase 3. We expect Phase 3 to be completed within 30 days. Each phase consists of reworking 8-10 oil wells."
Mr. Steinocher added, "Based on the production results to date, there is a good possibility that there will be a Phase 4 implemented on this project. We will have much more data by mid-point of Phase 3 and will make a decision as to a Phase 4 at that time."
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.