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Saratoga Resources, Inc. Reports Financial And Operating Results For The 2011 Third Quarter

Saratoga Resources, Inc. (AMEX: SARA) today announced financial and operating results for the quarter and nine months ended September 30, 2011.

Key Financial Results

  • Net income of $6.2 million, or $0.25 per basic share, for third quarter 2011 compared to a net loss of $(3.5) million, or $(0.21) per basic share, in the third quarter 2010; net income of $9.4 million, or $0.46 per basic share, for first nine months of 2011 compared to a net loss of $(17.7) million, or $(1.05) per basic share, for first nine months of 2010;
  • EBITDAX of $11.3 million for third quarter 2011 compared to $7.0 million in the third quarter 2010; EBITDAX of $33.8 million for first nine months of 2011 compared to $19.5 million for first nine months of 2010;
  • Average hydrocarbon prices realized of $76.65 per barrel of oil equivalent (“BOE”) for third quarter 2011 compared to $57.59 per BOE in the third quarter 2010; average hydrocarbon prices realized of $78.24 per BOE for the first nine months of 2011 compared to $59.63 for first nine months of 2010;
  • Light Louisiana Sweet (LLS) and Heavy Louisiana Sweet (HLS) crude oil continue to command ~$20 per barrel premium to WTI;
  • Oil and gas production of 246,386 BOE (66.1% oil) in third quarter 2011 compared to 228,938 BOE (64.4% oil) in the third quarter 2010; oil and gas production of 683,252 BOE (67.6% oil) for the first nine months of 2011 compared to 642,722 (65.2% oil) for first nine months of 2010; and
  • Oil and gas revenues of $18.9 million for third quarter 2011 compared to $13.2 million in the third quarter 2010; oil and gas revenues of $53.5 million for the first nine months of 2011 compared to $38.3 million for first nine months of 2010.

EBITDAX is a non-GAAP financial measure and is defined and reconciled to the most directly comparable GAAP measure under “Non-GAAP Financial Measures” below.

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