Sonoran Energy Completes Baron Oil Acquisition
Sonoran Energy has finalized its acquisition of Baron Oil, a privately-held Norwegian company. The final terms of the acquisition were concluded following the completion of a pre-acquisition audit of the Baron Oil assets and financial statements. Baron Oil has a significant presence in the Middle East, proven oil and gas reserves in Texas, and well-established opportunities in the prolific oil province of the Caspian Region.
"We are extremely pleased to have concluded this important acquisition for Sonoran Energy," said Peter Rosenthal, Sonoran Energy President and CEO. "While the completion of the acquisition has taken longer than expected, we can now announce that the final terms have been satisfied and we are moving forward on developing the many opportunities that Baron Oil brings to the Company."
Baron Oil Shareholders will receive 19,026,514 shares of Sonoran
Energy restricted common stock in exchange for their shares in Baron
Oil as consideration for the acquisition.
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