Saratoga Resources, Inc. Provides Update on Development Drilling Program
HOUSTON--(BUSINESS WIRE)-- Saratoga Resources, Inc. (NYSE MKT: SARA, the "Company") today provided an update on its development drilling program during, and since the end of, the 2012 third quarter. During the quarter, development drilling operations were conducted on three wells, one in each of Breton Sound Block 18, Grand Bay and Vermilion Block 16 fields.
The SL 195QQ #202 "Jupiter" well was drilled in Grand Bay Field to a total depth of 9,688 feet measured depth ("MD") and was completed in the 15 sand in early August 2012. The well tested on August 14, 2012 at a gross rate of 245 barrels of oil per day ("BOPD") and 650 thousand cubic feet of gas per day ("MCFPD"), or net 254 barrels of oil equivalent per day ("BOEPD"), on a 15/64" choke with flowing tubing pressure ("FTP") of 860 psi.
The SL 20433 #1 "North Tiger" well was drilled in Breton Sound Block 19 to a total depth of 9,532 feet MD/9,300 feet true vertical depth ("TVD") and was completed as a dual producer in October 2012. The well tested on October 15, 2012 at a gross rate of 517 BOPD and 1,457 MCFPD on a 14/64" choke with FTP of 1,900 psi from the 7,100' sand in the short string and 258 BOPD and 351 MCFPD on a 17/64" choke with FTP of 580 psi from the Cib Carst sand in the long string, or combined net 840 BOEPD.
The SL 3763 #14 "Mesa Verde" well was drilled in Vermilion Block 16 Field to a total depth of 16,258 feet MD and was completed in the LF-H sand in October 2012. The well tested on October 12, 2012 at a gross rate of 190 BOPD, 4,066 MCFPD, or net 685 BOEPD, on a 14/64" choke with FTP of 4,300 psi.
Mr. Andy Clifford, Saratoga's President stated, "While we were challenged operationally and from a production standpoint by the effects of Hurricane Isaac in late August, we are pleased with the results of these development wells which have not only increased our production and converted reserves to PDP but also resulted in fifteen new pool discoveries in sands which had no booked reserves allocated to them pre-drill." Further regarding the effects of Hurricane Isaac, Mr. Clifford added, "Our production was shut-in for approximately 15 days as a direct result of the hurricane and, indirectly, we have experienced and will continue to experience some lingering effects from the storm, including deferral of production during the restart of facilities, delays to routine well maintenance, delays in well completions and delays in flowline installation from the new development wells. Nonetheless, we are pleased that our assets continue to demonstrate a resilience to hurricanes and storms with minimal damage to our production infrastructure experienced from the storm, despite taking a direct impact."
About Saratoga Resources
Saratoga Resources 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 (all depths), currently located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana. Most of the company's large drilling inventory has multiple pay objectives that range from as shallow as 1,000 feet to ultra-deep prospects below 20,000 feet in water depths of less than 10 feet. For more information, go to Saratoga's website at www.saratogaresources.com and sign up for regular updates by clicking on the Updates button.
This press release includes certain estimates and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. 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.
Brad Holmes, Investor Relations, 713-654-4009
Thomas Cooke, CEO, 713-458-1560
Andrew Clifford, President, 713-458-1560
Michael Aldridge, CFO, 713-458-1560
KEYWORDS: United States North America Texas
The article Saratoga Resources, Inc. Provides Update on Development Drilling Program originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.