Sonoran Energy, Inc. President and CEO Peter Ostenfeld-Rosenthal announced Tuesday that the Company has signed a purchase agreement to acquire Baron Oil, a Norwegian oil and gas company.
Baron Oil has a significant presence across the Middle East and with an office in Amman, Jordan, the company is well positioned to attract oil and gas contracts in the region. Baron Oil also specializes in the utilization of the latest proven technology and operational processes in the development, drilling and operating of onshore oil and gas fields.
"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."
"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. (menareport.com)
© 2004 Mena Report (www.menareport.com)
