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Re: rmuncast post# 2426

Tuesday, 01/24/2017 10:07:07 AM

Tuesday, January 24, 2017 10:07:07 AM

Post# of 2604

Under the terms of the sale, we also were granted the option to participate in the first exploratory well on each lease and each subsequent well at a working interest percentage of, at our election, up to 25%. According to the most recent audited reserve report of DeGolyer and MacNaughton from December 2013, the properties sold included Proved Undeveloped Reserves, net to Saratoga assuming 25% participation, of 807.8 MBOE (39% oil).

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