Saratoga Resources Issues Update on Buddy Development Well, Results of Roux Well; Commences Drilling of Roux Toux - Shares Spike 9%

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Saratoga Resources Inc. ( SARA ) 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.

SARA also reported that it has commenced drilling operations on the MP-47 SL 195 QQ-25 "Roux Toux" development well. Drilling operations on the Roux Toux well are expected to be completed by early February.

SARA is up 9.4% at $3.25, trading near the low in a 52-week range of $2.89 - $7.81.



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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