Saratoga Resource Updates Drilling Program; Shares Rise 4%

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Saratoga Resources, Inc. ( SARA ) provided an update on its development drilling program during, and since the end of Q3. During the quarter, development drilling operations were conducted on three wells, one in each of Breton Sound Block 18, Grand Bay and Vermilion Block 16 fields.

The SL 195QQ #202 "Jupiter" well was drilled in Grand Bay Field to a total depth of 9,688 feet measured depth and was completed in the 15 sand in early August 2012. The well tested on August 14, 2012 at a gross rate of 245 barrels of oil per day and 650 thousand cubic feet of gas per day, or net 254 barrels of oil equivalent per day, on a 15/64" choke with flowing tubing pressure of 860 psi.

The SL 20433 #1 "North Tiger" well was drilled in Breton Sound Block 19 to a total depth of 9,532 feet MD/9,300 feet true vertical depth and was completed as a dual producer in October 2012. The well tested on October 15, 2012 at a gross rate of 517 BOPD and 1,457 MCFPD on a 14/64" choke with FTP of 1,900 psi from the 7,100' sand in the short string and 258 BOPD and 351 MCFPD on a 17/64" choke with FTP of 580 psi from the Cib Carst sand in the long string, or combined net 840 BOEPD.

The SL 3763 #14 "Mesa Verde" well was drilled in Vermilion Block 16 Field to a total depth of 16,258 feet MD and was completed in the LF-H sand in October 2012. The well tested on October 12, 2012 at a gross rate of 190 BOPD, 4,066 MCFPD, or net 685 BOEPD, on a 14/64" choke with FTP of 4,300 psi.

SARA shares are up 4.3% to $5.66.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: SARA

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