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.
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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.
