Saratoga Resources, Inc. (
) provided an update on the status of previously announced
operations for the remainder of 2012 as well as guidance with
respect to certain anticipated year-end financial metrics.
With respect to the previously announced QQ-209 "Buddy"
development well, Saratoga has contracted the Parker 50-B drilling
rig, which is currently being mobilized to location, and plans to
spud the well this Sunday, December 23. Drilling operations on the
Buddy well are expected to be completed by year end.
Recompletion operations in Grand Bay Field have been completed
and the company has released the Moncla 118 workover rig.
The company also announced that its projected full year 2012
discretionary cash flow is estimated at $30 million, or
approximately $1.00 per share, and that its projected year end cash
balance is estimated to be in excess of $32 million.
SARA shares are up 2.4% to $3.45, in the low end of a 52-week
range of $3.28 - $7.81.
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