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Saratoga Resources, Inc. (NYSE Amex: SARA) (the “Company”) today provided an update with respect to its development and related activities and production during the 2011 third quarter and announced that it has established a new daily production benchmark with net production of 4,167 barrels of oil equivalent per day (BOEPD) (5,556 BOEPD gross) on October 24, 2011, an 81% increase in daily net production from the 2010 exit rate of approximately 2,300 BOEPD.
During the quarter, the Company drilled two developmental wells, the SL 20436 #1 “Catina” well, and the MP 47 SL 195 QQ #24 “Roux” well.
The Catina well began production on August 29, 2011, and, as of October 31, 2011, was producing approximately 609 BOEPD gross (475 BOEPD net) on a 14/64” choke with flowing tubing pressure (FTP) of 2600 psi. The well was tied back to the Company’s Main Pass 46 facilities.
The Roux well was tested and completed in the 21 sand after the quarter end. The well reached a total depth of 10,085’ MD (9,200’ TVD) and encountered 13 pay sands with over 100 net feet of pay. Six of the pay sands were not previously booked as reserves and the 21 sand was previously booked as probable undeveloped reserves. The well tested on October 16, 2011, with an initial production rate of 643 BOEPD gross (450 BOEPD net) on a 14/64” choke with FTP of 3000 psi. The Company expects that this well will convert from predominantly gas production to oil since the oil cut has been increasing since first production. The well has been tied back to the Company’s Grand Bay facilities.
Recompletion and Workover Program
Highlighting the recompletions undertaken by the Company were the SL 20034 #1 “Four Corners” and SL 335 LP #6 wells.
The Four Corners recompletion was in the 6,100’ sand uphole from two previously produced sands. In addition, the 6,200' sand was set up as a future plugback. Neither of these sands had booked reserves in the Company's 1-1-2011 SEC reserve report. The Four Corners well began production on August 16, 2011, and, as of October 31, 2011, was producing approximately 271 BOEPD gross (204 BOEPD net) on a 14/64” choke with FTP of 2000 psi. The well was tied back to the Company’s Main Pass 46 facilities.