NEW BRAUNFELS, Texas, Jan. 12, 2012 (GLOBE NEWSWIRE) -- Baron Energy, Inc. (Pink Sheets:BROE) ("Baron" or the "Company"), an independent oil and gas company, announced today results for year 2011 and outlined plans for the first quarter 2012.
Management Comments
Ronnie L. Steinocher, President and CEO, said, "We ended 2011 with net production of 32 BOPD, an increase of 20 BOPD for the year. This included three small acquisitions and several well reactivations. We also carried into 2012 ongoing negotiations for three new producing property acquisitions."
Mr. Steinocher added, "We're starting 2012 in much better shape than 2011. Our acquisitions last year set the stage for a number of new opportunities and we are working to close these as soon as possible. We have a well-thought-out plan for this year and are working to have the required resources in place to execute this plan."
"This year will be an extension of our 2011 program, but with more focus on larger acquisitions with in-fill drilling locations for later this year. We are also working diligently to complete our audited financials, move to the OTCBB, and restructure or eliminate our debt."
About Baron Energy, Inc.
Baron Energy, Inc. (Pink Sheets: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 and North Central Texas.
Baron owns production that is 100% oil, both operated and non-operated, with working interests ranging from 12.5% to 100% in oil fields located in Archer, Baylor, Garza, 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 Central and West Texas. Baron's primary focus is on conventional oil production.
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.