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Saratoga Resources, Inc. provides update on drilling activities

Thursday, Jan 24, 2013

Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or “Saratoga”) today provided an update on recent drilling activities, including the results of the previously announced SL 195 QQ-209 “Buddy” development well and results of recompletion operations on the previously announced MP-47 SL 195 QQ-24 “Roux” well.

The Buddy development well in Grand Bay Field was drilled to a total depth of 6,820 feet MD/TVD and was successfully completed in the 3A sand. Flow testing of the Buddy well demonstrated an IP (initial production) test rate of 208 net barrels of oil equivalent per day (Boepd). Flowing tubing pressure was 580 pounds per square inch on a 19/64” choke.

The Roux well underwent a successful gravel pack recompletion in the 29M sand, while preparing the shallower 20 sand as a future non-gravel pack completion. Flow testing of the Roux well demonstrated an IP test rate of 154 net Boepd. Flowing tubing pressure was 990 pounds per square inch on a 18/64” choke.

Saratoga also announced that it has commenced drilling operations on the MP-47 SL 195 QQ-25 “Roux Toux” development well as a directional well to a projected total depth of 8,553’ MD/8,000’ TVD at the northern edge of the Grand Bay Field. The well is targeting the 10 through 17 sands. Drilling operations on the Roux Toux well are expected to be completed by early February.

Thomas F. Cooke, Chairman and CEO, stated, “We are pleased to announce successful operations on the Buddy and Roux wells. Not only did we add to our oil production, we came in substantially ahead of schedule and under budget. Our cost savings from these operations allowed us to move the Roux Toux well forward in our drilling schedule and minimize the time and cost associated with the mobilization of the Parker 50 drilling rig.”

Source: Business Wire

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