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Stock Market & Financial Investment News

News Breaks
June 3, 2014
08:36 EDTSARASaratoga Resources says Rocky 3 well tests at rate of over 1,500 boepd
Saratoga Resources provided an update on its recent Rocky 3 horizontal development well in Breton Sound Block 32 field and recompletion in the QQ #24 well in Main Pass Block 47 field. The SL 1227-29 “Rocky 3” well, in 14 feet of water depth, was spud on May 3rd using the Parker 72B barge rig and reached a TD of 7,178’ MD/5,818’ TVD on May 15th. The well was completed in the 5,800’ sand with a lateral displacement of 750 feet. The Rocky 3 well tested on May 30, 2014 at a gross equivalent rate of 1,531 barrels of oil per day and 240 thousand cubic feet of gas per day, or net 1,288 barrels of oil equivalent per day on 20/64” choke with flowing tubing pressure of 780 psi. Oil gravity is 39.8 degrees API. Saratoga’s other horizontal wells in the same field, drilled in 2013, continue to perform well with the SL 1227-25 “Rocky 1” well tested on May 27th at a gross equivalent rate of 218 BOPD and 85 MCFPD, or net 190 BOEPD, on 28/64” choke, and the SL 1227-26 “Zeke” well tested on May 24th at a gross equivalent rate of 152 BOPD and 17 MCFPD, or net 130 BOEPD, on 32/64” choke. The company also recently completed a gravel pack recompletion in the SL 195QQ-24 “Roux” well in Main Pass Block 47 field with the 19A sand perforated and completed between 8,943-53’ MD with the 20 sand between 9,172-82’ set up as a future plug down in the same wellbore. The 19A sand tested on May 30th at a gross equivalent rate of 2,844 MCFPD and 12 BOPD, or net 350 BOEPD, on a 14/64” choke with FTP of 2,300 psi. Oil gravity is 57.0 degrees API.
News For SARA From The Last 14 Days
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December 18, 2014
09:05 EDTSARASaratoga targets LOE, G&A reductions with potential cash savings of $4.5M
Saratoga Resources provided an update on results of recent operations and measures being taken to reduce costs and enhance operational efficiencies in the current challenging environment with oil prices declining to five year lows. The company has successfully completed several thru-tubing plugback operations with total capital expenditure of approximately $400,000 with initial production rates of net 695 BOEPD, 14% of which is oil, with the results of several ongoing operations still pending. These operations were conducted in Breton Sound, Grand Bay, Lake Fortuna and Main Pass 25 fields. Given the recent sharp decline in commodity prices, the Company expects to focus its near-term operations on similar low-cost recompletions and workover operations that are available to the Company due to the multiple stacked sands in many of its fields. Saratoga is continuing, and in light of commodity price declines has accelerated, its cost cutting measures in lease operating expenses as well as general and administrative expenses. Recent efforts in this regard have included replacing outsourced accounting functions with new hires, leading to large savings, and it continues to reduce reliance on outside consultants and contract staff while right- sizing its staff. The company has targeted reductions in LOE and G&A representing potential cash savings of approximately $4.5M in 2015. Cash savings relative to 2014 levels are also expected to be realized following significant expenditures during 2014 to bring current deferred maintenance and upgrade infrastructure, including salt water handling, transportation and re-routing the production from its Main Pass 46 and 52 fields to Grand Bay, all with a view to continuing to improve run times and operating efficiencies and reducing future costs in the field. The company expects that the bulk of these expenditures are behind it and that run times will show marked improvement in early 2015 as compared to 2014. If commodity prices continue to fall, or remain at these low levels for a sustained period, the company will make even deeper cuts. Additional cost savings are expected as costs of service providers are expected to come down, and have already begun to come down, in the current price environment. The company is moving quickly to position itself to weather the recent decline in commodity prices. The company expects that its asset base, with stacked sands in multiple fields and infrastructure in place, together with ongoing cost cutting measures will allow it to operate in this lower price environment while pursuing low-cost opportunities to enhance production. The company expects to temporarily shelve new drills in favor of lower-cost alternatives such as workovers and recompletions similar to those recently undertaken and possible sidetrack options, at approximately one-half the cost of new drills, for future horizontal wells at Breton Sound 32 and Grand Bay fields.
December 10, 2014
06:12 EDTSARAGSO Funds seeks talks with Saratoga Resources over alternatives
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