The non-binding MOU is intended to set out the general conditions for an acquisition of the target company’s working interest, including all associated equipment and property rights, in oil and gas fields located in Henderson and Navarro Counties, Texas in exchange for shares of the company’s restricted common stock.
As per the terms of the MOU, the parties intend to complete relevant investigations and due diligence with respect to each other’s assets, liabilities and corporate structure before November 30, 2009, with the expectation of entering into a binding agreement before December 31, 2009.
Michael Maguire, CEO of Baron Energy, said; “We are conducting due diligence at this time and are excited at the potential to bring this opportunity to Baron. The acquisition of this asset would be a great boost to the company.”
