Saratoga Resources, Inc. was successful in acquiring the 212.41 acre Little Bay lease at the Louisiana state lease sale, held on November 13, 2013 in Baton Rouge.

The lease has a primary term of three years and provides for a lease bonus, including fees, of $86,026.05 with annual rentals of $37,171.75 and a 25% royalty to the state of Louisiana. The lease includes acreage previously operated by Saratoga and the SL 5097 #1 well which was temporarily abandoned by Saratoga pending deployment of a workover rig. Saratoga's most recent estimate of reserves associated with the acreage reflects proved developed shut-in gross reserves of 48 thousand barrels of oil and 1,234 million cubic feet of gas, or 254 thousand barrels of oil equivalent.

Tags: Saratoga Resources