Baron Energy is an independent oil and gas production, exploitation, and exploration company. The Company has producing assets in the prolific oil producing Permian Basin of West Texas. Their growth strategy focuses on making accretive property acquisitions in their core operating area. The Company targets properties that have oil production with upside developmental potential. Baron Energy, Inc. has their corporate headquarters in New Braunfels, Texas. They trade on the OTC Bulletin Board.
Baron Energy, Inc. owns production that is 99 percent oil, both operated and non-operated. They have working interest ranging from 5 percent to 100 percent in oil and gas fields. Their proved and probable reserves are approximately 400,000 BOE. The Company has more than 4,000 gross acres. These are in Baylor, Borden, Garza, Jones, Runnels, Scurry and Taylor Counties, Texas.
Fieldwork recently underwent completion to add 6 Bopd (barrels of oil per day) net that had been shut-in. Total production is now approximately 35 Boepd net. The Company’s acreage has 29 producing wells, 16 of which are operated by Baron Energy, Inc. Well depths range from 2,000 feet to 8,000 feet. Baron has received third party engineering on one of their pending acquisitions. This reserve report is required by lending institutions in order to compete formal due diligence on the property.
Baron recently relocated their headquarters from Midland, Texas to New Braunfels, Texas. This consolidates corporate headquarters with administrative offices. In addition, it locates the Company closer to Houston, Texas, the center of the domestic oil and gas industry.
Baron has a major acreage position in South Texas in Starr County, Texas. This acreage has exposure to the Deep Yegua formation. The Deep Yegua Trend is a very sparsely explored trend. It is in the heart of some of the most prolific oil and gas production in the United States. The Deep Yegua trend runs along the Texas Gulf Coast from the Mexican border, through Starr and Brooks Counties, and to the northeast to the Louisiana border.
Baron plans to grow their company to approximately 1,000 Boepd within five years. This is through 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. The Company will also focus on the exploitation of their South Texas property through joint ventures with industry partners. For 2010 goals, Baron is looking to raise production to at least 250 BOEPD via accretive acquisitions and drilling new wells.
On July 27, 2010, Baron Energy, Inc. announced that they completed Phase-1 of their production enhancement program. They have also begun the evaluation process for a number of bolt-on acquisition opportunities.
Ronnie L. Steinocher, CEO, said, “We are moving along on our production enhancement program and have already completed Phase-1, which consisted of returning two wells to production. Phase-2 will add additional produced fluid capacity and water disposal to select producing wells which will also add to our daily production. Phase-3 will be to bring a few shut-in wells back on stream. Our plan is to have all Phases completed by the end of August. The enhancement goal is to increase current production by 20-30%.”
About QualityStocks:
QualityStocks’ Small Cap Stock Newsletter is a free service that collects data from hundreds of Small-Cap online Investment Newsletters into one free Daily Newsletter Report.
Sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment