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Baron Energy Revamps Biz; Jumps into the Bakken Shale

Share Print Bookmark    |    Tuesday,January 07,2014

Baron Energy, Inc. has outlined its new business strategy for 2014, which includes an entrance into the Bakken Shale play by Baron Bakken I LLC.

Ronnie L. Steinocher, President and CEO, said, "In the 4Q of 2013 we revamped our business initiatives, expanding both the size and geographical scope of our targeted producing property acquisitions. This was in response to work completed last year, access to capital markets, and our strong desire to find and acquire producing properties that should have a material, positive impact on shareholder value. This revamped plan can be viewed at our website. We are well along our new path and are working to make meaningful progress soon.

"In addition, we recently took advantage of a synergisitc opportunity to participate in the Bakken Shale oil play. Baron Bakken I, LLC was formed in the 4Q of 2013 in order to do so. We plan to expand our interest in the Bakken this year. Baron Energy, Inc. is the managing member of Baron Bakken."

Baron's Bakken Initiative

• Baron Energy, Inc. is the managing member of recently formed Baron Bakken I, LLC and owns 30% of the LLC
• Baron Bakken owns non-operated working interest in 1,920 acres in the core of the
• Bakken Shale, the Williston Basin, North Dakota
• The Williston Basin is one of the premier shale oil basins in North America
• Major producing oil formations are the Bakken Shale and Three Forks Shale
• Baron Bakken plans to increase its interest in the Bakken Shale by leveraging its  existing industry contacts on an opportunistic basis
• Expect non-operated working interest to be in the 1-5% range
• Well cost to drill and complete are $7-10 million gross
• 200-500+ BOPD IP; 500-600,000 Bbls/Well EUR; reserve life > 30 years

Find out more about Baron's new initiative in the company's corporate presentation.