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Kodiak Capital Group Terminates $10M Equity Line with Baron Energy
NEW BRAUNFELS, Texas, July 29, 2010 -- Baron Energy, Inc. (OTCBB:BROE) (", an independent oil and gas company, today announced that it and Kodiak Capital Group, LLC of New York City ("Kodiak") have mutually agreed to terminate the non-binding term sheet to furnish a $10 million equity line.
As previously reported, the non-binding term sheet was subject to both parties mutually agreeing to terms set forth in an investment agreement. After many discussions over key terms, the two parties have determined that it is best to terminate their relationship and focus resources elsewhere.
"The termination of the credit line is a response to current market conditions," said Ronnie Steinocher, President and CEO of Baron. "Kodiak has been very receptive and responsive during our negotiations; we value the professional relationship the two companies were able to establish over the past months."
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long-term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has transacted in excess of $400 million in financing for companies across a multitude of industries including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City, Kodiak has assisted companies throughout North America, China and Australia.
For more information, please visit www.kodiak-capital.com.
About Baron Energy, Inc.
Baron Energy (OTCBB:BROE) is an independent oil and gas production, exploitation, and exploration company headquartered in New Braunfels, Texas with producing assets in the prolific oil producing Permian Basin of West Texas.
For more information, please visit www.baronenergy.com.