Andrew Clifford has resigned as president and a director of Saratoga Resources Inc. (OTC Pink Market: SARA). Clifford will continue to serve the company in the role of strategic advisor. Brad Holmes has been appointed as a director of Saratoga.
Saratoga also announced the planned opening of an office in Kenner, Louisiana, which “coincides with our efforts to establish production from our Lake Fortuna field assets and pursuit of additional drilling opportunities,” said Thomas Cooke, chairman, CEO and president of Saratoga.
“Since our exit from bankruptcy, we have successfully sold our two remaining Gulf of Mexico assets. Pursuant to the sale, we brought $60,000 of cash into Saratoga with the buyer also replacing existing bonds on the properties which is expected to allow us to secure the release of existing bonds posted by Saratoga. We have submitted paperwork to secure the return of funds posted to secure those bonds as well as the bonds on two other Gulf of Mexico assets that we elected to release. Together, we anticipate receiving approximately $120,000 from the release and return of such bonds. Under the terms of the sale, we also were granted the option to participate in the first exploratory well on each lease and each subsequent well at a working interest percentage of, at our election, up to 25%. According to the most recent audited reserve report of DeGolyer and MacNaughton from December 2013, the properties sold included Proved Undeveloped Reserves, net to Saratoga assuming 25% participation, of 807.8 MBOE (39% oil),” Cooke continued.
Saratoga Resources Inc. and its subsidiaries emerged from Chapter 11 bankruptcy protection effective November 2, 2016.