Last $0.32 USD
Change Today +0.03 / 10.34%
Volume 121.4K
As of 8:04 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

saratoga resources inc/texas (SARA) Snapshot

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Day High
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52 Week High
06/3/14 - $2.72
52 Week Low
01/29/15 - $0.14
Market Cap
Average Volume 10 Days
Shares Outstanding
Dividend Yield

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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
Vice President of Finance and Accounting and ...
Total Annual Compensation: $160.0K
Compensation as of Fiscal Year 2013.

saratoga resources inc/texas (SARA) Key Developments

Saratoga Resources Announces Forbearance Agreements with Senior Lenders

Saratoga Resources Inc. announced that it has entered into a forbearance agreement with all of the holders of notes in the amount of $54.6 million issued under that certain Indenture dated as of November 22, 2013, by and among the Company and its subsidiaries and The Bank of New York Mellon Trust Company, N.A., as trustee and a forbearance agreement with 75% or more of the holders of notes in the amount of $125.2 million issued under that certain Indenture dated as of July 12, 2011, as supplemented or amended by and among the company and its subsidiaries and The Bank of New York Mellon Trust Company, N.A., as trustee. Pursuant to the terms of the First Lien Forbearance Agreement, the holders of the First Lien Notes will forbear from exercising any rights or remedies that the First Lien Lenders or the First Lien Trustee may have against the company under the First Lien Indenture until the earlier of March 16, 2015 or the occurrence of an event of default within the meaning of the First Lien Forbearance Agreement. Under the terms of the First Lien Forbearance Agreement, Saratoga will pay, by February 2, 2015, the accrued and unpaid interest, with interest at the default rate, originally scheduled to be paid on December 31, 2014. The Second Lien Forbearance Agreement is substantially identical to the First Lien Forbearance Agreement except that Saratoga is not required under the Second Lien Forbearance Agreement to pay, during the Forbearance Period, the scheduled January 1, 2015 interest payment. Under the Second Lien Indenture, action by holders of at least 25% in aggregate principal amount of the Second Lien Notes is required to declare the notes due and payable under the Second Lien Indenture. The Second Lien Forbearance Agreement has been executed by holders of more than 75% in principal amount of the Second Lien Notes. Those holders have agreed that they will not take any steps to enforce any rights of the Second Lien Trustee or the Second Lien Lenders during the Forbearance Period. As previously disclosed, the interest payments scheduled to be made on December 31, 2014, with respect to the First Lien Notes, and January 1, 2015, with respect to the Second Lien Notes, were not made on those dates. However, the interest payments are not in default under the applicable indentures until 30 days after the scheduled payment dates.

Saratoga Resources Inc. Announces Dividend for the Fiscal Third Quarter of 2015, Payable on February 27, 2015

Saratoga Resources announced it will pay a dividend on its common stock for the fiscal third quarter of 2015 of $0.22 per share, up 22% from $0.18 per share paid for the previous quarter. The dividend is payable on February 27, 2015 to shareholders of record on February 2, 2015.

Saratoga Resources Inc. Announces Earnings Results for the Third Quarter of Fiscal 2015

Saratoga Resources Inc. announced earnings results for the third quarter of fiscal 2015. For the period, the company reported earnings of $0.64 per basic and diluted share, up 146% from $0.26 per share in third quarter of 2014. Total investment income was $7.3 million, up 26% from $5.8 million reported for the same period last year.


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