Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/saratoga-resources-awarded-little-bay-lease-at-lou.shtmlSaratoga Resources awarded Little Bay Lease at Louisiana State lease sale
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
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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.
