This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

During 2011, our efforts resulted in 200% reserve replacement. Increased production, together with a strong pricing environment, realizing premium pricing for heavy Louisiana sweet and light Louisiana sweet crude, drove a 44% increase in revenues to a record $76 million and a 70% increase in EBITDAX to a record $48 million. While our average daily production has steadily increased, it is just now reaching new highs in excess of 4,200 net BOEPD. Maintaining our production levels, much less growing production, has been especially difficult in the current natural gas price environment where our inclination is to curtail gas production. We currently have approximately 5.4 million cubic feet of gas per day (“MMCFGPD”), net, curtailed production from eight wells and/or pending recompletion work that is being postponed due to natural gas prices. Additionally we have been challenged by slower than expected third party fabrication of production facilities, installation of new compression systems and the reconfiguration of our water handling but most of those delays are now behind us. Despite those challenges, we have grown our production to new highs, increased our reserves and achieved record earnings per share of 93 cents in 2011.

Our prospects are enhanced by what we believe is an intriguing asset portfolio that offers both a deep inventory of low risk development opportunities and tremendous upside potential from multiple exploration targets underlying our held by production (“HBP”) lease holdings.

Financially, 2011 saw Saratoga achieve several key milestones. Most notably, we successfully completed two private placements bringing in more than $35 million of new equity and completed an offering of $127.5 million of senior notes allowing us to retire all of our prior debt and letter of credit obligations. As a result, we reduced our total debt by $18 million, extended the maturity of our senior debt from 2012 to 2016 and substantially strengthened our cash position and shareholders’ equity. Currently, we are projecting cash on hand of approximately $20 million at March 31, 2012.

5 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs