Baron Energy Inc. (“Baron” or the “Company”) (OTC Pink: BROE) is a publically-traded independent oil and natural gas company based in San Marcos, Texas. Baron is currently engaged in the management of a consortium of like-minded investors seeking to invest in non-operated oil and natural gas properties in South Texas. Baron provides petroleum management and business development services, technical and commercial expertise, and day-to-day operations for the portfolio properties.
Operational Highlights 2016
- Increased producing well count from 1 to 5
- Increased acreage from 193 to 734 acres
- Increased production from 3 Bopd to 15 Bopd
- Increased potential future drilling locations from 1 to 9
- Increased working interest partners from 2 to 5
Business Strategy and Plans for 2017
Baron seeks to leverage its seasoned management team and extensive industry experience to acquire and operate mature oil and gas properties with upside via workovers, recompletions, and drilling of new wells. The Company is aggregating a portfolio of properties (“South Texas Project”) with a production goal of 300-500 Bopd and a substantial number of future drilling locations. Management plans to monetize the portfolio in 2019. Baron began the South Texas Project in the fourth quarter 2015.
The Company has recently revised its 2017 operational plan to include drilling select new offset wells on some current properties. Baron projects that a successful two-well drilling program will significantly increase production with expected initial production rates of up to 100 Bopd per well. The proposed program is currently pending partnership approval and funding.
Additional information on Baron Energy Inc. and its South Texas Project can be found on Baron’s website at BaronEnergy.com.
Certain statements in this news 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 SEC.gov. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
CONTACTS:Baron Energy Inc.
email@example.com Baron Energy Inc.
Lisa P. Hamilton
Executive Vice President and Chief Financial Officer