Saratoga Resources Updates 2012 Operations; Stock Rises 2%
Saratoga Resources, Inc. ( SARA ) 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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