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Stock Market & Financial Investment News

News Breaks
June 17, 2014
08:31 EDTSARASaratoga Resources provides update on operations
Saratoga Resources provided an operations update pertaining to handling capacity upgrades in Breton Sound 32 Field and recompletion of the company’s SL 195QQ #25 well in Main Pass 47 Field. The company has commenced construction of an additional sales line to expand production capacity in Breton Sound 32 Field. The added capacity, anticipated to be online by the end of June, is expected to more than double existing export capacity in the field and to allow the company to increase production from the company’s recently completed Rocky 3 well, return curtailed wells to production, and to add capacity to support additional horizontal wells targeting the 5,800’ sand being evaluated for drilling in Breton Sound 32 Field. The company also announced the successful recompletion of the SL 195QQ-25 “Roux Toux” well in Main Pass Block 47 field with the 14A sand perforated and completed between 8,943-53’ MD. The well tested on June 12th at a gross rate of 1,480 thousand cubic feet of gas per day and 14 barrels of condensate per day, or net 188 BOEPD, on a 10/64” choke with FTP of 2,500 psi. The Roux Toux well produces back to the company’s Grand Bay facilities.
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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