SAN MARCOS, Texas, Aug. 15, 2016 (GLOBE NEWSWIRE) -- Baron Energy Inc. (Pink Sheets:BROE) (“Baron” or the “Company”), an independent crude oil and natural gas company based in San Marcos, Texas, has signed a non-binding Letter of Intent (LOI) to acquire a package of producing properties located in four South Texas counties.
Management Comments
Ronnie L. Steinocher, President and CEO, said, “We have recently executed a non-binding Letter of Intent to acquire a multi-well package of producing properties from a private seller. The properties are located in our Core Area of operations in South Texas. The properties will be owned by our non-op working interest partners within our South Texas Project consortium and Baron Energy Inc. will be the operator of the properties. Our offer is subject to customary due diligence, funding, completion of definitive agreements, and final partnership approvals.”
Mr. Steinocher added, “We have now managed the closings of five producing property acquisitions this year. This new package of producing properties will significantly augment our strategy to build a portfolio of producing properties over the next two years that has substantial value and then monetize the portfolio. Please refer to our website at www.baronenergy.com for additional information on Baron and our South Texas Project.”
About Baron Energy Inc.
Baron Energy Inc. (Pink Sheets:BROE) is an independent crude oil and natural gas company based in San Marcos, Texas, operating producing properties in South 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, 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. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.