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. Provides Operations Status Update Following Hurricane Isaac; No Material Damage Identified

Saratoga Resources, Inc. (NYSE MKT: SARA, the “Company") today provided an update on the status of its operations following Hurricane Isaac. Initial inspection of the Company’s properties identified no significant damage to any of the assets. Pending restoration of power in certain areas and certification of line integrity of third party pipeline carriers, the Company’s production remains 100% shut-in. Based on input from third party infrastructure operators, the Company anticipates that third party issues will be resolved, and production restored, within approximately one week. While production remains shut-in, the Company is conducting several maintenance projects which would have otherwise caused the subject fields to be shut-in.

Regarding completion and tie back operations that were ongoing on landfall of Hurricane Isaac on August 28, 2012, the Company noted minor damage and delays in completion of those operations on the Company’s North Tiger well at Breton Sound Block 18 Field and Mesa Verde well at Vermilion Block 16 Field. Work on those operations is now back on schedule with only minimal delay and production from these new completions expected in mid to late September.

Thomas F. Cooke, Saratoga’s Chairman and Chief Executive Officer said “Just as we saw with Hurricane Katrina in 2005 and the twin hurricanes of Gustav and Ike in 2008, our assets faired exceedingly well in withstanding Hurricane Isaac with minimal damage sustained and the ability to return to production in a very short time. We are using this downtime to perform projects that would have required a shut down in the future. Our ability to respond quickly to Isaac with minimal damage and downtime and initiation of maintenance projects during the downtime is a testament to the high quality and efficiency of our field personnel and advance planning. In addition, we have taken advantage of commodity price increases associated with Isaac to layer-in an additional hedge of 300 BOPD at $110 per barrel for the October thru December 2012 time period and remain disciplined and active in our layered hedging strategy.”

1 of 2

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 17,108.73 +22.10 0.13%
S&P 500 1,988.22 +1.21 0.06%
NASDAQ 4,481.9880 +8.2910 0.19%

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