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.

With respect to the previously announced recompletion operations in Grand Bay Field, operations have been completed and the Company has released the Moncla 118 workover rig. Operations on the MP-47 SL 195 QQ-24 well in Grand Bay Field consisted of a gravel-pack completion of the 29M sand while setting up the 20 sand as a future non gravel-pack completion.

The well is expected to be brought on production in the next week. On the GPLD A-191 well in Grand Bay Field, the Company performed diagnostic work and has set a retrievable plug to accommodate future operations pending evaluation of its alternatives to access the associated reserves.

Tags: Saratoga Resources