"Our office in Jordan is the launch point for our projects throughout the Middle East and the Caspian region, including Saudi Arabia, Qatar, Kuwait, Egypt and Libya," said Ole Bennaes, Chairman of Baron Oil. "We have an established infrastructure in place that enables us to participate in attractive projects from our base in Amman. With its extensive contacts throughout the region, Baron Oil is also well positioned to initiate projects in Iraq. Baron Oil has access to quality oil and gas fields available on a Production Sharing Agreement or acquisition basis with a significant potential of proven oil and gas reserves. We believe that with the backing of Sonoran Energy, our current negotiations for existing projects will have a speedy close and dramatically improve the profitable growth of the Company."
In addition to its activities in the Middle East, Baron Oil maintains that it has made significant inroads into the oil and gas sector of the former Soviet Union's prolific and well established oil province - the Caspian Region, establishing working relationships with the owners of several large oil fields with recoverable crude oil reserves of up to 200 MMbbl. Baron Oil also states that it has oil and gas interests in the United States, with two properties located in San Angelo, Texas with proven recoverable reserves of up to 30 MMbbl.
"The acquisition of Baron Oil gives us immediate access to high level oil and gas opportunities in the Middle East and the Caspian region," said Peter Ostenfeld-Rosenthal. "In addition to its extensive network in the Middle East, Baron Oil also has access to the best drilling technology in the oil and gas business, including the exclusive patented Rack & Pinion drilling technology. Baron Oil's use of advanced technology and services provide positive impact on the economics of oil fields, mainly through decreasing the field development drilling cost. With this latest acquisition, we now have all the building blocks in place to implement our aggressive growth strategy."
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