Pertex has planned to increase its production through a combination of infill drilling to develop reserves in the properties already under management and additional acquisitions in its core areas. Pertex has over 3,000 acres under lease in the Permian Basin.
Michael Maguire, CEO of Baron Energy, said: “This is a good time to be acquiring acreage that has existing production along with some developmental potential and we feel confident that our strategy of growing through a combination of smart acquisitions and low risk developmental drilling will allow us to reach our goal of 250 barrels of oil equivalent by the end of 2010.”
Ronnie Steinocher, manager and general partner of Pertex, said: “Although our primary focus is to continue to work through all the details surrounding the proposed merger between Baron and Pertex, we also are continuing business as usual, including ongoing negotiations on a number of potential producing property acquisitions. These are assets that would bring with them immediate production and revenue as well as a number of potential drilling locations.”
