Saratoga Resources, Inc. Announces Resumption of Production Sales Ahead of Scheduleadmin
Saratoga Resources, Inc. announced that approximately 98% of its producing properties have resumed full production and product sales following Hurricane Ike. Saratoga previously announced, on September 17, 2008, that production on, and product sales from, select properties was not expected to resume for 7 to 10 days due to hurricane-related damage to third party processing and pipeline facilities.
Thomas Cooke, Chairman and CEO said “With most of our oil production going uninterrupted into our storage facilities we will have minimal lost revenue impact for the month. It will take us several days to pump off the more than 7,000 barrels we have ready for sale coupled with the approx 1,550 barrels we produce daily.”
Saratoga Resources, Inc. is an independent exploration and production company headquartered in Austin, Texas with offices in Covington, Louisiana and Houston, Texas. The company engages in the acquisition and development of oil and gas producing properties that allow the company to grow through low-risk development and risk-managed exploration. The company currently operates properties in Texas and Louisiana with principal holdings covering approximately 30,000 net acres in 12 fields located in state waters offshore Louisiana which contain, as of January 1, 2008, 67.3 bcfe (billion cubic feet equivalent) of proved reserves currently producing (for July 2008), net to the company, approximately 1,550 barrels of oil per day and 4,800 mcf (thousand cubic feet) of natural gas per day.