(1) Saratoga has retained selected non-producing oil and gas assets, including a license to more than 450 square miles of high quality seismic data, (2) all of the first and second lien debt of Saratoga was discharged, and (3) all shares of common stock outstanding prior to bankruptcy continue to be issued and outstanding. As a result, Saratoga is substantially debt-free and its outstanding shares remain unchanged.
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