Saratoga Resources, Inc. Provides Update on Drilling Activities
Saratoga Resources, Inc. (NYSE MKT: SARA; the 'Company? or 'Saratoga?)
today provided an update on recent drilling activities, including the
results of the previously announced SL 195 QQ-209 'Buddy? development
well and results of recompletion operations on the previously announced
MP-47 SL 195 QQ-24 'Roux? well.
The Buddy development well in Grand Bay Field was drilled to a total
depth of 6,820 feet MD/TVD and was successfully completed in the 3A
sand. Flow testing of the Buddy well demonstrated an IP (initial
production) test rate of 208 net barrels of oil equivalent per day
(Boepd). Flowing tubing pressure was 580 pounds per square inch on a
19/64? choke.
The Roux well underwent a successful gravel pack recompletion in the 29M
sand, while preparing the shallower 20 sand as a future non-gravel pack
completion. Flow testing of the Roux well demonstrated an IP test rate
of 154 net Boepd. Flowing tubing pressure was 990 pounds per square inch
on a 18/64? choke.
Saratoga also announced that it has commenced drilling operations on the
MP-47 SL 195 QQ-25 'Roux Toux? development well as a directional well to
a projected total depth of 8,553′ MD/8,000′ TVD at the northern edge of
the Grand Bay Field. The well is targeting the 10 through 17 sands.
Drilling operations on the Roux Toux well are expected to be completed
by early February.
Thomas F. Cooke, Chairman and CEO, stated, 'We are pleased to announce
successful operations on the Buddy and Roux wells. Not only did we add
to our oil production, we came in substantially ahead of schedule and
under budget. Our cost savings from these operations allowed us to move
the Roux Toux well forward in our drilling schedule and minimize the
time and cost associated with the mobilization of the Parker 50 drilling
rig.?
About Saratoga Resources
Saratoga Resources is an independent exploration and production company
with offices in Houston, Texas and Covington, Louisiana. Principal
holdings cover 32,119 gross/net acres, mostly held-by-production (all
depths), currently located in the transitional coastline and protected
in-bay environment on parish and state leases of south Louisiana. Most
of the company's large drilling inventory has multiple pay objectives
that range from as shallow as 1,000 feet to the ultra-deep prospects
below 20,000 feet in water depths of less than 10 feet. For more
information, go to Saratoga's website at www.saratogaresources.com
and sign up for regular updates by clicking on the Updates button.
Forward-Looking Statements
This press release includes certain estimates and other forward-looking
statements within the meaning of Section 21E of the Securities Exchange
Act of 1934. Words such as 'expects?, 'anticipates', 'intends', 'plans',
'believes', 'assumes', 'seeks', 'estimates', 'should', and variations of
these words and similar expressions, are intended to identify these
forward-looking statements. While we believe these statements are
accurate, forward-looking statements are inherently uncertain and we
cannot assure you that these expectations will occur and our actual
results may be significantly different. These statements by the Company
and its management are based on estimates, projections, beliefs and
assumptions of management and are not guarantees of future performance.
Important factors that could cause actual results to differ from those
in the forward-looking statements include the factors described in the
'Risk Factors' section of the Company's filings with the Securities and
Exchange Commission. The Company disclaims any obligation to update or
revise any forward-looking statement based on the occurrence of future
events, the receipt of new information, or otherwise.
Saratoga Resources, Inc.
Brad Holmes, 713-654-4009
Investor
Relations
or
Thomas Cooke, CEO, 713-458-1560
or
Andrew
Clifford, President, 713-458-1560
or
Michael Aldridge, CFO,
713-458-1560
Website: www.saratogaresources.com
