Baron Energy Enters Into Non-Binding Agreement to Acquire Oil and Gas Assets
November 27, 2009 (FinancialWire) — Baron Energy, Inc. (OTCBB: BROE) (Baron), an independent oil and gas company, announced the execution of a memorandum of understanding with an established oil and gas operator with producing assets located in Texas.
The non-binding memorandum of understanding (MOU) is intended to set out the general conditions for an acquisition of the target company’s working interest, including all associated equipment and property rights, in oil and gas fields located in Henderson and Navarro Counties, Texas in exchange for shares of the company’s restricted common stock.
Under the terms of the MOU, the parties will complete relevant investigations and due diligence with respect to each other’s assets, liabilities and corporate structure before November 30, 2009, with the expectation of entering into a binding agreement before December 31, 2009. Closing is not expected to occur before January 31, 2010. Terms of the deal were not initially disclosed.
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