Saratoga Resources, Inc. To Drill First Horizontal Well With Planned Spud Date of July 4th
Saratoga Resources, Inc. To Drill First Horizontal Well With Planned Spud Date of July 4th
HOUSTON--(BUSINESS WIRE)-- Saratoga Resources, Inc. (NYSE MKT: SARA; the "Company" or "Saratoga") today provided an update on its upcoming SL 1224 #25 "Rocky" well in Breton Sound Block 32 field.
The Rocky well, in 13 feet of water depth, will be drilled as a 70 degree directional pilot hole to 7,582' MD/5,829' TVD, or just past the objective 5800' sand, when 7-5/8" casing will be set. The well will then be plugged back before drilling a 6-3/4" horizontal section 750 feet laterally to 8720' MD/5790' TVD. Saratoga has contracted the Parker 77B barge rig to drill the well which is scheduled to spud on July 4. Drilling is expected to take 3 weeks with an additional week to complete the well. On completion, Saratoga plans to tie the well back to its Breton Sound 32 platform.
Thomas F. Cooke, Chairman and CEO, stated, "We are about 30 days behind schedule due to rig availability but are very pleased to have the Parker 77B rig now moving on location and excited to be commencing drilling on our Rocky well. Rocky is the first of what we believe are multiple high impact potential horizontal well candidates we have identified in Breton Sound 32 and other fields There have been four previous horizontal completions in Breton Sound 32 field, one in Main Pass 25 field and one in Grand Bay field. All of these wells recovered 2.5 to 3 times more hydrocarbons than a vertical completion in the same reservoir and initial production rates were up to 3 times higher with higher rates sustained for a longer period before decline set in." Mr. Cooke added, "We expect the completed well cost to be close to $7 million."
About Saratoga Resources
Saratoga Resources is an independent exploration and production company with offices in Houston, Texas and Covington, Louisiana. Principal holdings cover 32,027 gross/net acres, 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 the 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.
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, but not limited to, statements regarding spud date, drilling and completion schedule, well costs and ultimate well results. 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, 713-654-4009
Investor Relations
or
Andrew Clifford, 713-458-1560
President
or
Michael Aldridge, 713-458-1560
CFO
www.saratogaresources.com
KEYWORDS: United States North America Texas
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The article Saratoga Resources, Inc. To Drill First Horizontal Well With Planned Spud Date of July 4th originally appeared on Fool.com.
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