Baron Energy acquires stake in Texas oil assets

Baron Energy has bought a 20% interest in an oil-producing property located in Texas, US, for an undisclosed sum.

Under the asset sale deal, the company has an option to purchase an additional 20% stake in the Archer County property within the next six months.

Baron Energy has producing assets in the Permian Basin of West Texas and North Central Texas, with working interests ranging from 12.5% to 100%.

Baron Energy president and CEO Ronnie Steinocher said that the five-well property is undergoing enhancement procedures and a rise in production is expected in three wells.