Saratoga Resources and four affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Louisiana, lead case number 15-50749 (Harvest Oil & Gas). The Company, which acquires, exploits, produces and develops crude oil and natural gas properties, is represented by William H. Patrick of Heller, Draper, Patrick, Horn & Dabney. According to a corporate release, "At this time, Saratoga believes it has sufficient cash to operate its businesses in the immediate term without need for debtor-in-possession financing." Thomas F. Cooke, Saratoga Resources' chairman and C.E.O., comments, "As a result of the steep decline in commodity prices during the second half of 2014 and continuing into 2015, compounded by production declines associated with run time issues in early 2014, which have subsequently been addressed, we have been operating in a cash constrained environment and have undertaken strategic initiatives to address operations in the current climate, including entering into forbearance agreements with our principal lenders and undertaking an extensive, cost-cutting program with targeted LOE and G&A savings of more than $13 million for 2015 compared to 2014….We hope to use the Chapter 11 process to avert adverse action by Harvest Operating while still permitting us to pursue our legal claims against Harvest Operating as well as to arrive at a satisfactory restructuring or retirement of our existing secured debt while continuing to develop our holdings, grow our production and revenues and reduce our operating expenses." The Company emerged from a previous bankruptcy filing in May 2010.
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