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Saratoga Resources, Inc. Monthly Net Production Volumes (Jan 2012 - April 2012)

Stocks in this article: SARA

With our infrastructure projects substantially behind us and plugging of all but one of our orphan wells complete, we are now in a position to focus our future CAPEX expenditures on drilling and development opportunities. We continue to shepherd our resources carefully, continually evaluating expected drilling costs and production potential of prospective wells with a view to support the continuing growth in our production levels fueled by our resources on hand and operating cash flows. As we enter the second quarter, we expect to have multiple rigs in the field advancing each of our development drilling and recompletion and workover programs."

Conference Call Information

The company will host a conference call to discuss these results on May 15, 2012 at 10:30 AM EDT (9:30 AM CDT, 7:30 AM PDT) and interested parties in the U.S. can participate in the call by dialing (866) 501-1535. Interested international parties can participate in the call by dialing (216) 672-5582. The participant passcode for both the U.S. and international call is 78912932. Alternatively, the audio content of the call can be accessed on the Company’s web site at www.saratogaresources.com. The call will be archived on the Company web site for parties who are unable to listen to the live call. Also, a transcript of the call will be available for reading on the Company's web site for 72 hours after the completion of the call. Further details, including a slide presentation accompanying the call, will be accessible on the Company’s website at www.saratogaresources.com in advance of the call.

About Saratoga Resources

Saratoga is an independent exploration and production Company with offices in Houston, Texas and Covington, Louisiana. Principal holdings cover 32,185 gross/net acres, mostly held-by-production, currently located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana. For more information, go to our 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, including statements regarding future ability to fund the company’s development program and grow reserves, production, revenues and profitability, ability to reach and sustain target production levels, ability to secure commitments to participate in exploration of deep shelf prospects, and the ultimate outcome of such efforts. 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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

For the Three Months Ended March 31,

2012     2011
Revenues:
Oil and gas revenues $ 19,343,680 $ 15,798,288
Other revenues   874,248   1,148,750
 
Total revenues 20,217,928 16,947,038
 
Operating (Income) Expense:
Lease operating expense 4,570,699 3,959,089
Workover expense 1,471,468 557,731
Exploration expense 57,396 381,432
Loss on plugging and abandonment 1,612,290 -
Dry hole costs 89,874 -
Depreciation, depletion and amortization 4,937,152 3,174,770
Accretion expense 555,504 424,422
General and administrative 2,746,483 1,962,984
Severance taxes   1,680,879   1,432,541
 
Total operating expenses   17,721,745   11,892,969
 
Operating income 2,496,183 5,054,069
 
Other income (expense):
Interest income 3,316 27,566
Interest expense   (4,411,111)   (4,580,886)
 
Total other expense   (4,407,795)   (4,553,320)
 
Net income (loss) before reorganization expenses and income taxes (1,911,612) 500,749
 
Reorganization expenses   43,205   110,012
 
Net income (loss) before income taxes (1,954,817) 390,737
 
Income tax provision (benefit)   (735,743)   32,500
 
Net income (loss) $ (1,219,074) $ 358,237
 
Net income (loss) per share:
Basic $ (0.04) $ 0.02
Diluted $ (0.04) $ 0.02
 
Weighted average number of common shares outstanding:
Basic   27,114,972   17,322,487
Diluted   27,114,972   20,585,431
 
 

SARATOGA RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS
 

March 31 2012

 

December 31, 2011

ASSETS
Current assets:
Cash and cash equivalents $ 14,753,985 $ 15,874,680
Accounts receivable 11,389,935 10,539,757
Prepaid expenses and other 866,499 1,189,406
Deferred tax asset, net - 1,400,000
Other current assets   150,000   150,000
Total current assets 27,160,419 29,153,843
 
Property and equipment:
Oil and gas properties - proved (successful efforts method) 202,962,769 196,101,827
Other   668,559   658,113
203,631,328 196,759,940
Less: Accumulated depreciation, depletion and amortization   (58,767,972)   (53,830,820)
Total property and equipment, net 144,863,356 142,929,120
 
Deferred tax asset, net 7,316,205 5,147,962
Other assets, net   20,511,117   20,531,218
Total assets $ 199,851,097 $ 197,762,143
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 6,607,572 $ 4,598,534
Revenue and severance tax payable 5,716,891 5,709,773
Accrued liabilities 7,314,001 8,451,655
Short-term notes payable - 344,256
Asset retirement obligation – current   908,640   1,548,945
Total current liabilities 20,547,104 20,653,163
 
Long-term liabilities
Asset retirement obligation 10,343,267 9,852,920
Long-term debt, net of discount of $2,030,188 and $2,115,195, respectively   125,469,812   125,384,805
Total long-term liabilities 135,813,079 135,237,725
 
Commitment and contingencies (see notes)
 
Stockholders' equity (deficit):
Common stock, $0.001 par value; 100,000,000 shares authorized 27,265,090 and 26,714,815

shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively

27,264 26,714
Additional paid-in capital 55,512,435 52,674,252
Retained earnings   (12,048,785)   (10,829,711)
 
Total stockholders' equity (deficit)   43,490,914   41,871,255
 
Total liabilities and stockholders' equity (deficit) $ 199,851,097 $ 197,762,143
 
 
SARATOGA RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Quarter Ended March 31,
2012   2011
Cash flows from operating activities:
Net income (loss) $ (1,219,074) $ 358,237
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization 4,937,152 3,174,770
Accretion expense 555,504 424,422
Amortization of debt issuance costs 216,469 63,192
Amortization of debt discount 85,007 708,100
Dry hole costs 89,874 -
Stock-based compensation 261,783 290,684
Loss on plugging and abandonment 1,612,290 -
Deferred tax benefit (768,243) -
Changes in operating assets and liabilities:
Accounts receivable (850,178) (1,222,118)
Prepaids and other 322,907 433,966
Accounts payable (556,757) (1,533,215)
Revenue and severance tax payable 7,118 113,005
Payments to settle asset retirement obligations (705,462) (655,241)
Accrued liabilities   (3,105,187)   376,581
Net cash provided by operating activities 883,203 2,532,383
 
Cash flows from investing activities:
Additions to oil and gas property (4,029,778) (359,334)
Additions to other property and equipment (10,446) (26,746)
Other assets   (196,368)   (201,554)
Net cash used by investing activities (4,236,592) (587,634)
 
Cash flows from financing activities:
Issuance of warrants
Proceeds from issuance of common stock 2,576,950 9,000
Proceeds from short-term notes payable - 99,914
Repayment of short-term notes payable (344,256) (307,502)
Net cash provided (used) by financing activities   2,232,694   (198,588)
 
Net increase (decrease) in cash and cash equivalents (1,120,695) 1,746,161
Cash and cash equivalents - beginning of period   15,874,680   4,409,984
Cash and cash equivalents - end of period $ 14,753,985 $ 6,156,145
 
Supplemental disclosures of cash flow information:
Cash paid for income taxes $ - $ -
Cash paid for interest 7,485,332 3,915,130
 
Non-cash investing and financing activities:
Accounts payable for oil and gas additions $ 2,565,795 $ -
Accrued liabilities for oil and gas additions 355,243 -
 

Non-GAAP Financial Measures

Discretionary Cash Flow is a non-GAAP financial measure.

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