Last $0.26 USD
Change Today +0.04 / 18.17%
Volume 415.1K
SARA On Other Exchanges
Symbol
Exchange
Berlin
As of 8:04 PM 12/19/14 All times are local (Market data is delayed by at least 15 minutes).

saratoga resources inc/texas (SARA) Snapshot

Open
$0.25
Previous Close
$0.22
Day High
$0.28
Day Low
$0.21
52 Week High
06/3/14 - $2.72
52 Week Low
12/15/14 - $0.14
Market Cap
8.1M
Average Volume 10 Days
294.2K
EPS TTM
$-1.22
Shares Outstanding
31.0M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for SARATOGA RESOURCES INC/TEXAS (SARA)

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saratoga resources inc/texas (SARA) Details

Saratoga Resources, Inc., an independent oil and natural gas company, acquires, exploits, produces, and develops crude oil and natural gas properties in the United States. Its properties consist of 52,103 acres under leases, including 32,289 acres gross/net located in the transitional coastline in protected in-bay environments on parish and state leases in south Louisiana; and 19,814 acres gross/net under federal leases in the shallow Gulf of Mexico shelf. As of December 31, 2013, the company had total proved reserves of 17.2 million barrels of crude oil equivalent consisting of 9.2 million barrels of oil and 48.0 billion cubic feet of natural gas; and probable reserves of 16.8 million barrels of crude oil equivalent comprising 6.9 million barrels of oil and 59.5 billion cubic feet of natural gas. Saratoga Resources, Inc. was founded in 1990 and is based in Houston, Texas.

34 Employees
Last Reported Date: 05/14/14
Founded in 1990

saratoga resources inc/texas (SARA) Top Compensated Officers

Co-Founder, Chairman and Chief Executive Offi...
Total Annual Compensation: $311.1K
President and Director
Total Annual Compensation: $311.1K
Principal Financial Officer and Vice Presiden...
Total Annual Compensation: $84.2K
Principal Accounting Officer and Controller
Total Annual Compensation: $160.0K
Compensation as of Fiscal Year 2013.

saratoga resources inc/texas (SARA) Key Developments

GSO In Talks With Saratoga To Explore Strategic Alternatives

GSO Capital Solutions Fund is in discussions with Saratoga Resources Inc. (AMEX:SARA) to explore strategic alternatives. GSO is in discussions with management and the board regarding strategic alternatives for Saratoga Resources. The alternatives include an amendment of the indentures governing the Saratoga’s senior secured notes, an exchange of Saratoga's first lien notes, a restructuring, reorganization or recapitalization transaction, and a change of control or other extraordinary corporate transaction, such as a merger with, or sale to, a third party.

Saratoga Resources Inc. Announces Financial and Operating Results for the Third Quarter Ended September 30, 2014

Saratoga Resources Inc. announced financial and operating results for the third quarter ended September 30, 2014. For the quarter, the company reported oil and gas revenues of $15.9 million compared to $15.1 million for the second quarter of 2014. Negative Discretionary cash flow of $0.9 million, or $0.03 per fully diluted share, for compared to $0.5 million, or $0.01 per fully diluted share, for the second quarter of 2014. EBITDAX was $4.4 million compared to $4.8 million for the second quarter of 2014. Operating loss was $4.2 million, or $0.13 per fully diluted share, compared to $0.6 million, or $0.02 per fully diluted share, for the second quarter of 2014. Net loss was $10.3 million, or $0.33 per fully diluted share compared to $6.7 million, or $0.21 per fully diluted share, for the second quarter of 2014. The increase in net loss is principally attributable to a $3.4 million charge associated with an arbitration award during third quarter and, to a lesser degree, higher work over expense (up $1.6 million) and higher lease operating expenses (up $0.3 million, or 5.4%) during third quarter. The higher losses attributable to those expenses was partially offset by a rise in oil and gas revenues (up $0.8 million, or 5.5%) on higher production volumes (oil volumes up 11.1% and natural gas volumes up 15.2%) partially offset by a decline in average commodity prices realized (oil prices down 4.9% and natural gas prices down 9.4%). The increase in production was principally attributable to a full quarter's production from the Rocky 3 well (volume up 83.7%) and increased average run-time following the company's production optimization initiatives undertaken during the first half of 2014. Operating income for the quarter was down to a loss of $4.2 million for the third quarter of 2014 from a loss of $600,000 in second quarter of 2014. The decline in operating income and profitability for the quarter reflects a $3.4 million net arbitration award during the third quarter and higher LOE and workover expense, which expect will come down. For the quarter, the company reported oil and gas production of 149.700 barrels of oil (MBO) and 291.4 million cubic feet of gas (MMCFG), or 198.300 barrels of oil equivalent (MBOE)(75.5% oil) in Third Quarter 2014, up 12.1% from 176.9 MBOE (76.2% oil) in second quarter of 2014. Rocky 3 well produced for full third quarter 2014, increasing production by 10.5 MBOE from second quarter of 2014. Following flow line construction, addition of gas lift gas supply, and production optimization initiatives undertaken during first quarter and second quarter to increase run-time, daily production rates reached an average of 2,155 BOEPD over third quarter 2014 as compared to 1,944 BOEPD over second quarter of 2014 and 1,330 BOEPD over first quarter of 2014. The increase in production reflects an increase in production from Rocky 3 (up 10.5 MBOE for third quarter versus second quarter) attributable to a full quarter's production, improved run times during Third Quarter and recompletions in Grand Bay and Vermilion 16 undertaken earlier in 2014. The improvement in run times reflects production optimization initiatives carried out during the first half of 2014 with initiatives ongoing, including a focus on assuring adequate gas lift gas supply through gas-weighted work over and recompletions together with the execution of a gas buy back agreement with an area operator and personnel changes made in the field and the Covington office. Production increases were partially offset by natural decline in existing wells and issues on SL 1227 #L-1 well in Breton Sound Block 32 Field, which are presently being evaluated.

Saratoga Resources Inc., Q3 2014 Earnings Call, Nov 17, 2014

Saratoga Resources Inc., Q3 2014 Earnings Call, Nov 17, 2014

 

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