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Grand Bay Field - 70 Years On & Still Going Strong!

Grand Bay Field was discovered by Gulf Oil in 1938. Despite the fact that there have been over 300 wells drilled to date in the field, Saratoga firmly believes that the field has another 70+ years of life left because of the deep oil and gas potential mapped on the company's proprieatary 3D seismic data that was reprocessed in 2008. Saratoga is producing from 36 wells more than 40 years old and has 12 wells dating from the 1940s and 1950s! The attached presentation gives an overview of recent development success in both conventional reservoirs, shallow gas exploration and the enormous potential at depths of 18,000-20,000 feet below existing production.
 
Poised for Growth
 
Saratoga Resources, Inc. (SROEQ) is an independent oil and gas exploration and development company, with operations focused in the state waters of Louisiana. Saratoga operates over 92% of its production and typically maintains a 100% WI. Saratoga will continue to exploit its existing asset base, pursue accretive acquisitions, and seek to partner with other companies to exploit higher-risk upside opportunities. Saratoga has offices in Houston, Texas, and Covington, Louisiana, with 30 full-time employees, supplemented by field-based contract operations personnel. Saratoga's stock currently trades on the OTC Bulletin Board under the symbol "SROEQ".
 
Saratoga filed for bankruptcy protection under Chapter 11 on March 31, 2009 and filed its Plan of Reorganization and Disclosure Statement on August 17, 2009, recently superceded by its 3rd Amended Plan and Disclosure Statement on February 11, 2010. Plan confirmation hearings are set for the week of April 19, 2010. The most recent filings are available for download below:
 
 
Reserves and Production Growth
 
Saratoga has continued to add value thru converting reserves to production with PDP growth since September 2007, even accounting for depletion thru production. Saratoga's development work since October 2008 has included 14 recompletions, 3 wells returned to production, 2 workovers and the drilling of 1 new well. Of the 14 recompletions, only 9 of these involved proved reserves, 3 were probable reserves and 2 were non-classified reserves. The development work covered 4 separate fields with net capital expenditures of $14.8 million, yielding 14.0 Bcfe of proved reserves (versus an expected 12.7 Bcfe) for a finding and development cost of $1.05/Mcfe.  
 
   
           

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose proved, probable and possible reserves, as specifically defined by the SEC. We may use certain terms in the Company presentations that do not meet these definitions, such as "non-proven," "other reserves," "estimated ultimate recovery," “resource potential” and "reserve potential," that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our most recent Form 10-K, available from us at 7500 San Felipe, Suite 675, Houston, Texas 77063 or our web site under “Investor Relations”. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or at the SEC's web site at www.sec.gov. Note that the information in the presentations is made as of the applicable date indicated and includes estimates of our proved reserves as well as other reserve information derived from geological and engineering analysis of projects involving unproven recovery techniques or the drilling of exploration or other wells, not yet classified as “proved reserves” under SEC definitions. References to quantities of oil or natural gas may include amounts that the Company believes will ultimately be produced, but that are not yet classified as “proved reserves” under SEC definitions.