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Saratoga Resources, Inc. Reports Result Of Operations And Second Quarter 2012 Financials

Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or “Saratoga”) today announced financial and operating results for the quarter ended June 30, 2012.

Key Financial Results
  • Oil and gas revenues of $23.8 million for the second quarter 2012 compared to $18.8 million for the second quarter 2011;
  • Lease operating expenses (“LOE”) of $4.7 million ($14.49 per BOE) for second quarter 2012 compared to $4.1 million ($19.06 per BOE) for second quarter 2011;
  • General and administrative expenses (“G&A”) of $2.3 million ($7.22 per BOE) for second quarter 2012 compared to $1.9 million ($8.93 per BOE) for second quarter 2011;
  • Net income of $0.9 million, or $0.03 per fully diluted share, for second quarter 2012 compared to net income of $2.8 million, or $0.12 per fully diluted share, for the second quarter 2011;
  • EBITDAX of $13.4 million ($41.71 per BOE) for the second quarter 2012 compared to $13.3 million ($61.29 per BOE) for the second quarter 2011; and
  • Discretionary cash flow of $9.4 million, or $0.32 per fully diluted share, for the second quarter 2012 compared to discretionary cash flow of $9.4 million, or $0.42 per fully diluted share, for the second quarter 2011.

Discretionary cash flow and EBITDAX are non-GAAP financial measures and are defined and reconciled to the most directly comparable GAAP measure under “Non-GAAP Financial Measures” below.

The 27% increase in revenues for the second quarter 2012 reflects increased production volumes (up 48% compared to the second quarter 2011) offsetting decreased prices realized from oil and gas sales (down 2.3% and 44.0% respectively).

While LOE increased by 13% over the corresponding quarter in 2011, this reflects increased production for the second quarter and there was a 24% decrease on a per BOE basis. Similarly, G&A increased by 20% over the corresponding quarter in 2011 but was 19% lower on a per BOE basis.

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