Saratoga Resources, Inc. Awarded Four Gulf of Mexico Leases

Saratoga Resources, Inc. Awarded Four Gulf of Mexico Leases

HOUSTON--(BUSINESS WIRE)-- Saratoga Resources, Inc. (NYSE MKT: SARA; the "Company" or "Saratoga") today announced that it has been awarded four leases in the shallow waters of the Central Gulf of Mexico by the U.S. Bureau of Ocean Energy Management.

The four lease blocks cover a total of 19,814 acres on a net and gross basis, and are all located in the shallow Gulf of Mexico Shelf in water depths of 13 to 77 feet and very close to existing infrastructure. The leases contain multiple prospects, all well-defined by high-quality 3D seismic data and tied to well control with either production tests, log pay or sidewall core shows. Furthermore, most of the prospects have amplitude versus offset (AVO) support, which is a common geophysical technology for risk reduction in the oil and gas industry. Saratoga will be seeking joint venture partners for these blocks with first drilling targeted for 2014.

Andy C. Clifford, Saratoga's President, said, "We are excited at being awarded these four shallow water blocks in our first foray into the Gulf of Mexico Shelf. The leases include two in the Ship Shoal area, blocks 78 and 110, and two adjoining blocks in the Vermilion area, blocks 152 and 153. Our internal gross potential reserve estimates relative to these blocks are 51.3 million barrels of oil equivalent ("MMBOE"), of which 5.4 MMBOE are expected to be qualified as proved undeveloped ("PUD"). We are attracted by the high liquid content of these reserves, which we estimate to exceed 8 MMBO of gross 3P reserves." Mr. Clifford added, "We believe the addition of these prospects both upgrades and enlarges our drilling inventory while adding to our reserve base and diversifying our holdings."

About Saratoga Resources

Saratoga Resources is an independent exploration and production company with offices in Houston, Texas and Covington, Louisiana. Principal holdings cover 52,033 gross/net acres, mostly held by production, located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana and in the shallow Gulf of Mexico Shelf. 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, all in shallow water depths ranging from less than 10 feet to a maximum of approximately 80 feet. For more information, go to Saratoga's website at 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 potential reserves associated with prospects, our ability to attract joint venture partners and develop the prospects, anticipated timing of commencing drilling and the ultimate results of drilling operations. 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
Andrew Clifford, 713-458-1560
Michael Aldridge, 713-458-1560

KEYWORDS: United States North America Texas


The article Saratoga Resources, Inc. Awarded Four Gulf of Mexico Leases originally appeared on

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 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.