PRZOOM - /newswire/ -
Winston-Salem, NC, United States, 2010/05/12 - SmallCapReview a leading site for news and information on small-caps, penny stocks and microcaps is adding Baron Energy (BROE) to its list of stocks "On the Radar".
Baron Energy (BROE) is an independent oil and gas exploration, exploitation and development company headquartered in Midland, Texas. The Company’s primary core area of operations is the prolific Permian Basin of West Texas.
The Company currently has more than 4,000 gross acres in nine West Texas counties with a working interest that ranges from 5% to 100%. This acreage has29 producing wells, 16 of which are operated by Baron Energy producing approximately 35 Boepd net to Baron.
Additionally Baron has a significant acreage position in South Texas in Starr County, Texas with exposure to the Deep Yegua formation. The Deep Yegua Trend is a very sparsely explored trend in the heart of some of the most prolific oil and gas production in the U.S. The Deep Yegua trend runs along the Texas Gulf Coast from the Mexican border, through Starr and Brooks Counties and to the north east to the Louisiana border.
Baron plans to grow the company to approximately 1,000 Boepd within five years by making accretive producing property acquisitions, low cost, low risk in-fill drilling and production enhancement programs in the core operating area of the Permian Basin. In addition Baron will focus on the exploitation of its South Texas property through joint ventures with industry partners.
BROE Investor Highlights
Announced that it will begin due diligence on its second major acquisition this year on May 17, 2010. Mr. Ronnie L. Steinocher, President and CEO of Baron Energy, commented, "As previously announced, this acquisition is part of our larger plan to continue to acquire producing properties with substantial upside and located within our core area of operations." Mr. Steinocher also said, "We already own a non-operated working interest in this oil field; this acquisition will increase our working interest and make us the operator of the properties. We expect to complete our due diligence by May 21, 2010."
Announced that it has completed its due diligence including field inspections of all properties pertaining to its upcoming acquisition. The properties consist of 90% oil production and 10% gas production and more than 3,000 acres.
Announced that it has agreed to increase its current working interest and assume operatorship in properties located in Scurry County, Texas. The properties consist of 100% oil production and more than 800 acres.
The Company currently has more than 4,000 gross acres in nine West Texas counties with a working interest that ranges from 5% to 100%. This acreage has 29 producing wells, 16 of which are operated by Baron Energy producing approximately 35 Boepd net to Baron.
The Deep Yegua gas play consists of Eocene Age sandstone conventional reservoirs producing gas from deep, over pressured reservoirs. This is a lightly explored formation with only 39 gas fields discovered along the trend, but these fields are highly productive with an average cumulative production of 28 BCF (billion cubic feet) per field. The vast majority of these fields have been discovered since 1975 meaning the Deep Yegua is an emerging play.
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