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Order Confirming Second Amended Plan of Reorganization

Click Here for Order Confirming Second Amended Plan of Reorganization (as Modified 11-25-09)

 Press Release re Plan Confirmation

Click Here for 12-02-09 Press Release re Plan Confirmation

 

 NEW!! - Click Here for Saratoga's December 2009 Presentation

 

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Chapter 11 on March 31, 2009 and filed its Plan of Reorganization and Disclosure Statement on August 17, 2009, recently superceded by its 2nd Amended Plan and Disclosure Statement on October 6, 2009 and modified on November 25, 2009. The 2nd Amended Disclosure Statement was approved by the U.S. Bankruptcy Court, Western District of Louisiana, Lafayette Division, on October 7, 2009. The Plan Confirmation Hearing was held on November 30, 2009 in Lafayette and the 2nd Amended Plan, as modified on November 25, 2009, was approved by the court on December 2, 2009.
 
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 only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms on this website, such as ”resources”, “resource potential”, “production potential” regarding probable, possible, or recoverable reserves, among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. This website includes certain estimates and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements with respect to anticipated future drilling and operating results, success of its development program, increases in reserves and production, and drilling costs, in particular the timing and ultimate costs associated with drilling a well targeting the Big Hum sand in the Zeus Prospect, our ability to finance such a well and the reserves that may be realized from such a well, and the ability to successfully operate and reorganize in Chapter 11 and other statements of expectation. U.S. Investors are urged to consider closely the disclosure in our Form 10-KSB, File No 0-27563, available from us at 7500 San Felipe, Suite 675, Houston, Texas, 77063. You can also obtain this form from the SEC by calling 1-800-SEC-0330. This investment profile is for informational purposes only and includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Readers should refer to the Company’s filings with the Securities and Exchange Commissions regarding risk factors applicable to the Company and the forward-looking statements herein.