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Saratoga Resources, Inc. Reports Fourth Quarter And 2011 Financial Results, Increased Reserves And New Production Milestone

Production Highlights

  • Oil and gas production of 165.1 thousand barrels of oil (“MBO”) and 711.5 million cubic feet of gas (“MMCFG”), or 283.7 thousand barrels of oil equivalent (“MBOE”) (58% oil) in Q4 2011, and 605.9 MBO and 2,038.0 MMCFG, or 945.6 MBOE (64% oil) for 2011, up 9.5% from 864.5 MBOE in 2010; and
  • Post year-end continuing production gains to new daily production high on March 24, 2012 in excess of 4,200 net BOEPD.

Production rates continued to trend upward during 2011 and through the first quarter of 2012 with the completion of wells and performance of deferred maintenance to bring shut-in production back on line. The increase in production level reflects successful improvements to the Company’s infrastructure with added compression and improved water handling capacity and re-routing of production to Breton Sound 32 field. The production increase is also due to successful new pool discoveries during 2011 and to our ongoing recompletion and workover program.

Reserve Highlights

  • Year-end 2011 SEC proved reserves consisted of 7.795 million barrels of oil (“MMBO”) and 65.962 billion cubic feet of gas (“BCFG”), or 18.969 million barrels of oil equivalent (“MMBOE”), up 5.2% from 18.025 MMBOE of proved reserves at year-end 2010;
  • Reserve replacement ratio of 200%;
  • Year-end 2011 PV10 of $464 million, up 46% from $316 million at year-end 2010;
  • Proved developed reserves comprised 22% of year-end 2011 proved reserves;
  • Year-end 2011 probable reserved totaled 4.055 MMBO and 53.248 BCFG, or 12.930 MMBOE;
  • Year-end 2011 possible reserves totaled 13.656 MMBO and 120.133 BCFG, or 33.678 MMBEO;
  • Year-end 2011 3P reserves totaled 65.577 MMBOE.

Reserve growth reflects acceleration of our drilling, development and infrastructure improvement program, including identification of new pools, improved pricing and positive revisions to our reserves year-over-year. For year-end 2011, SEC reserve calculations were based on the average first day of the month price for the prior twelve months. The prices utilized for the year-end 2011 reserve report were $96.19 per barrel of crude oil and $4.113 per MMBtu of natural gas.

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