Sonoran Energy required 80 percent approval from the shareholders of Baron Oil to complete the acquisition. Ostenfeld-Rosenthal reported today that over 80 percent of the shareholders of Baron Oil have approved the acquisition, and that Sonoran Energy can now move forward with development of Baron Oil's lucrative oil and gas projects in the Caspian and Texas.
"We are extremely pleased that we have met our objective and a clear majority of the Baron Oil shareholders have now approved the acquisition," commented Ostenfeld-Rosenthal. "Baron Oil significantly strengthens Sonoran's foothold in the Middle East and the Caspian Region. Its extensive network of contacts and strategic shareholders throughout the region will boost Sonoran's already strong connections in the oil and gas sector worldwide."
In addition to achieving the approval of 80 percent of the Baron Oil shareholders, Sonoran Energy also completed an extensive evaluation of Baron Oil and its assets. The risked valuation of Baron Oil's likely participation in its Caspian project in Kazakhstan is valued at $29 Million NPV, while its two Texas properties have an NPV of $11.5 Million. The acquisition of Baron Oil also offers further significant upside potential. The 80 percent approving shareholders of Baron Oil will receive some 15 million shares of Sonoran Energy, Inc. in exchange for their shares in Baron Oil.
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