This Day On The Street
Continue to site
ADVERTISEMENT
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

Saratoga Resources, Inc. Provides Update On QQ-25 Well And Selected Financial Information

Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or “Saratoga”) today provided an update on the status of previously announced drilling operations as well as guidance regarding certain anticipated year-end 2012 financial results and hedging information.

With respect to the previously announced SL 195 QQ-25 “Roux Toux” well in Main Pass Block 47 Field, the well was drilled to a total depth of 8,453 feet MD (8,000 feet TVD) and was successfully completed as a dual in the 13 and 17 sands. The well recently underwent flow testing and demonstrated an initial production (IP) test rate of 290 gross barrels of oil per day (BOPD) and 2.5 million gross cubic feet of gas per day (MMCFPD), or net 509 barrels of oil equivalent per day (BOEPD). Flowing tubing pressure (FTP) was 1,800 pounds per square inch (psi) on a 14/64” choke on the short string and 275 psi on a 30/64” choke on the long string. The well has been tied back to the Company’s Grand Bay facilities.

The Company also announced total production for 2012 of approximately 1.1163 million barrels of oil equivalent (MMBOE), or an increase of 18% over total 2011 production. 2012 production was comprised of 61% crude oil and 39% natural gas. The increase in production was achieved in spite of the production shut down due to Hurricane Isaac in the third quarter and lingering effects into the fourth quarter of 2012. Saratoga sells crude oil on the Light Louisiana Sweet (LLS) and Heavy Louisiana Sweet (HLS) markets, which are both currently at a premium of approximately 20% to West Texas Intermediate (WTI) posted prices. Saratoga’s natural gas also sells on Louisiana markets and the Company receives a premium over NYMEX Henry Hub posted prices, due to BTU content and quality adjustments. In addition, Saratoga announced that it anticipates reporting discretionary cash flow of approximately $0.97 - $1.00 per share for 2012 in spite of the loss of discretionary cash flow in 2012 due to Hurricane Isaac production interruptions.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs