Saratoga Resources Emerges from Chapter 11
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Saratoga Resources, Inc. has emerged from chapter 11 bankruptcy protection effective November 2, 2016.
Following effectiveness of the plan, (1) Saratoga has retained selected non-producing oil and gas assets, including a license to more than 450 square miles of high quality seismic data, (2) all of the first and second lien debt of Saratoga was discharged, and (3) all shares of common stock outstanding prior to bankruptcy continue to be issued and outstanding. As a result, Saratoga is substantially debt-free and its outstanding shares remain unchanged.
Following effectiveness of the plan, Thomas Cooke, Andrew Clifford and Rex White, Jr. continue to serve as directors of Saratoga, with the remaining directors’ terms ending on the effective date, and Messrs. Cooke and Clifford continue to serve as principal officers of Saratoga. Management plans to evaluate the retained assets with a view to developing a post-bankruptcy plan of operations.
“Like many in our industry, we have been greatly challenged over the past almost two years given the steep and long lasting decline in energy prices and our prior debt load. Free of debt, we are now focused on evaluating opportunities across the oil and gas market. We plan to evaluate opportunistic acquisitions of assets in a target rich environment of distressed operators. We also plan to take a fresh look at our legacy assets, excluded from Section 363 auction undertaken during our bankruptcy and retained following exit from bankruptcy, to evaluate upside potential and potential restoration or establishment of production,” said Thomas Cooke, chairman and CEO of Saratoga.
About Saratoga
Saratoga Resources, Inc. is an independent exploration and production company with principal holdings covering approximately 10,265 gross/net acres, located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana and in the shallow Gulf of Mexico Shelf.
To stop by Saratoga’s website, CLICK HERE
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