Saratoga Resources, Inc. was successful in acquiring two new leases at the Louisiana state lease sale, held on September 11, 2013 in Baton Rouge.

Saratoga acquired leases on the 552.25 acre Panther Prospect and the 305.71 acre Tiger Toux Prospect, for a combined total of 857.96 acres. The leases are located in Breton Sound Blocks 18, 19 and 32, contiguous to Saratoga's existing lease holdings in the Breton Sound 18 and Breton Sound 32 fields and close to existing facilities and pipeline infrastructure.

Saratoga has a 100% working interest in these three year leases, both of which carry a 21% royalty burden. Water depth at both prospect areas is less than 20 feet and drilling on both prospects, utilizing an inland barge rig, is expected to occur in early 2014. Both prospects are defined by high-quality 3D seismic data and abundant well control.

Tags: Saratoga Resources