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Saratoga Resources, Inc. (SARA)

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Saratoga Resources, Inc. is an independent exploration and production company headquartered in Austin, Texas with offices in Houston, Texas and Covington, Louisiana. The company engages in the acquisition and development of oil and gas producing properties that allow the company to grow through low-risk development and risk-managed exploration. 

 

Saratoga Resources, Inc. Establishes New Production Benchmark and Provides Operations Update

Saratoga Resources Common Stock (AMEX:SARA)
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Today : Tuesday 1 November 2011

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Saratoga Resources, Inc. (NYSE Amex: SARA) (the "Company") today provided an update with respect to its development and related activities and production during the 2011 third quarter and announced that it has established a new daily production benchmark with net production of 4,167 barrels of oil equivalent per day (BOEPD) (5,556 BOEPD gross) on October 24, 2011, an 81% increase in daily net production from the 2010 exit rate of approximately 2,300 BOEPD.

Development Drilling

During the quarter, the Company drilled two developmental wells, the SL 20436 #1 "Catina" well, and the MP 47 SL 195 QQ #24 "Roux" well.

The Catina well began production on August 29, 2011, and, as of October 31, 2011, was producing approximately 609 BOEPD gross (475 BOEPD net) on a 14/64" choke with flowing tubing pressure (FTP) of 2600 psi. The well was tied back to the Company's Main Pass 46 facilities.

The Roux well was tested and completed in the 21 sand after the quarter end. The well reached a total depth of 10,085' MD (9,200' TVD) and encountered 13 pay sands with over 100 net feet of pay. Six of the pay sands were not previously booked as reserves and the 21 sand was previously booked as probable undeveloped reserves. The well tested on October 16, 2011, with an initial production rate of 643 BOEPD gross (450 BOEPD net) on a 14/64" choke with FTP of 3000 psi. The Company expects that this well will convert from predominantly gas production to oil since the oil cut has been increasing since first production. The well has been tied back to the Company's Grand Bay facilities.

Recompletion and Workover Program

Highlighting the recompletions undertaken by the Company were the SL 20034 #1 "Four Corners" and SL 335 LP #6 wells.

The Four Corners recompletion was in the 6,100' sand uphole from two previously produced sands. In addition, the 6,200' sand was set up as a future plugback. Neither of these sands had booked reserves in the Company's 1-1-2011 SEC reserve report. The Four Corners well began production on August 16, 2011, and, as of October 31, 2011, was producing approximately 271 BOEPD gross (204 BOEPD net) on a 14/64" choke with FTP of 2000 psi. The well was tied back to the Company's Main Pass 46 facilities.

The LP #6 recompletion was in the R sand, which had never previously been produced at Grand Bay Field. There were no booked reserves in the Company's 1-1-2011 SEC reserve report for this sand. The well began production on June 14, 2011, and, as of October 31, 2011, was producing approximately 163 BOEPD gross (128 BOEPD net) on a 9/64" choke with FTP of 1925 psi. The well was tied back to the Company's Grand Bay facilities.

Infrastructure Program

Infrastructure upgrades and debottlenecking projects have continued through September 30, 2011, and are ongoing. During the course of 2011, the Company has added additional compression at Breton Sound 32 and Main Pass 25 fields and re-enacted a 4-inch 8-mile pipeline to connect three wells to Breton Sound 32 Field. The planned infrastructure improvements are approximately 80% complete and have already resulted in production increases of at least 800 BOEPD net to the Company. These projects are expected to add capacity to open wells that are currently shut in or restricted from optimal flow.

Management Comments

The Company's President, Andy Clifford, said, "Our capital and production efficiency year-to-date has been 101% and 112%, respectively, and our finding and development cost in 2011 has been excellent at $12.33/BOE. We are on track to meet our forecasted 2011 exit production rate of net 4,000 BOEPD. We are pleased with the results of operations and will continue to develop our core assets with additional drilling and continued low risk recompletions. We have continued to have great support from the state government with no delays in permitting from any of the regulatory authorities. Furthermore, the Louisiana crude market continues to be strong with Light Louisiana Sweet Crude (LLS) and Heavy Louisiana Sweet Crude (HLS) each trading at a healthy premium of approximately $20 per barrel to WTI."

About Saratoga Resources

Saratoga is an independent exploration and production company with offices in Houston, Texas, and Covington, Louisiana. Principal holdings cover 33,869 gross (31,125 net) acres, mostly held-by-production, located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana.

For more information, go to our website at www.saratogaresources.com and sign up for regular updates by clicking on the Updates button

 

 

 

Contacts:

Thomas F. Cooke, Chief Executive Officer (713) 458-1560, or Andy C. Clifford, President (713) 458-1560

Website:

www.saratogaresources.net


 

 

 

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PostSubject
#687   Watching 1.45 breakout.would be big. I saw that to bioresearcher 03/03/14 08:31:17 PM
#686   why is the l2 so jumpy? I never buy2sell 02/27/14 01:19:02 PM
#685   With the good news and big buys that MrMr1 02/18/14 01:55:36 PM
#683   SARA 1.16 Break out over the 20 day momentum74 02/12/14 10:22:14 AM
#682   SARA 1.02 Article. Oil tops $100 a momentum74 02/09/14 01:22:46 PM
#681   SARA 1.04 Article Energy prices to rise on momentum74 02/05/14 03:09:26 AM
#680   SARA 1.05 +5%. Link EIA predicting natural gas momentum74 01/29/14 04:36:36 PM
#679   1.03 Charts. Natural Gas at four year high momentum74 01/29/14 02:27:41 PM
#678   1.08 Bullish, Oil futures up again 97.11. Update momentum74 01/23/14 09:00:04 AM
#677   Links. 1.07 Oil futures up today 96.79 . momentum74 01/22/14 01:00:25 PM
#676   SARA interesting? Lots of rolling heads here. Fa$tlane 01/19/14 09:15:32 PM
#675   Chart here Fa$tlane 01/19/14 09:13:50 PM
#674   SARA looks ready to run PSPincher 12/19/13 10:01:48 AM
#673   Nice bounce of the bottom $$$ SmartTrader336 12/02/13 10:28:56 AM
#672   OK, well I'm out now. This one radar72 11/13/13 02:05:37 PM
#671   I'm in! Did my due diligence last radar72 10/21/13 12:59:07 PM
#670   $SARA ~ $SARA ~ SAR! Fa$tlane 08/22/13 07:23:17 AM
#669   investing in this one... ; ) gaininmo 08/21/13 08:58:26 PM
#668   investing in this one.... ; ) gaininmo 08/21/13 08:56:47 PM
#667   watching this one ....... ;) etradebull 08/15/13 08:43:43 PM
#666   Updates to the Rocky Well can be found here: Swick984 07/23/13 11:43:28 AM
#665   ~ $SARA ~ Daily Par Sar Buy Signal Fa$tlane 07/03/13 05:54:51 PM
#664   10% decline in yoy production after investing 60mm silverscreen1 05/10/13 07:45:12 PM
#661   The large discount to NAV makes this stock silverscreen1 04/03/13 03:21:10 PM
#660   I agree. SCREAMING EAGLE 04/03/13 12:19:52 PM
#659   SARA reported Q4 earnings that were the strongest Swick984 04/03/13 12:06:29 PM
#658   Lots of very, very good stuff!! You will SCREAMING EAGLE 04/03/13 07:30:48 AM
#657   Looks more like some one is in the Ecomike 04/02/13 08:55:09 PM
#656   Are we still seeing effects of Hurricane Issac longinvest 04/01/13 01:11:12 PM
#655   Where is my buddy Geo?? We need answers here... SCREAMING EAGLE 03/28/13 08:57:52 AM
#654   Thank You, but I assure you that I geopressure 03/08/13 03:36:39 PM
#653   I think this should be the loading zone. SCREAMING EAGLE 03/07/13 10:18:05 AM
#652   I agree. From what I can gather early SCREAMING EAGLE 02/27/13 07:46:14 AM
#651   Just Superior...Way to go you know everything! sleepy17 02/26/13 04:22:37 PM
#650   How long will it be before SARA announces geopressure 02/26/13 01:25:25 PM
#649   Take a look at this satellite image of geopressure 02/26/13 01:23:34 PM
#648   To be honest, I didn't really think that geopressure 02/22/13 02:55:41 PM
#647   I've been watching them ever since you sent longinvest 02/21/13 01:07:31 PM
#646   You are very correct. WildcatDriller 02/21/13 12:35:02 PM
#645   Good news for SARA and its acreage position Swick984 02/20/13 05:25:48 PM
#644   Well, let enough stock for me. You always SCREAMING EAGLE 02/19/13 03:28:07 PM
#643   I've been buying around the $3.00 area hear geopressure 02/15/13 03:21:58 PM
#642   This is one to have on your radar. SCREAMING EAGLE 02/15/13 07:37:55 AM
#641   Some of these small gulf coast producers hold SCREAMING EAGLE 02/15/13 07:37:12 AM
#640   This has a unique blend of low and SCREAMING EAGLE 02/15/13 07:35:42 AM
#639   This is one that I have been watching SCREAMING EAGLE 02/15/13 07:34:46 AM
#637   even tho the board is asloeep SARA certainly isn't chilar4567 01/09/13 06:07:54 PM
#636   I don't care if the horses are blind HackEvo 12/21/12 12:25:42 AM
#635   MMR - Any thoughts on how today's MMR Swick984 12/05/12 03:11:56 PM
#634   This board is showing up as the board woje 07/16/12 01:35:00 PM
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