HOUSTON--(BUSINESS WIRE)--Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or “Saratoga”) announced that it has received various inquiries regarding interest payments mistakenly credited to certain debt holder accounts and subsequently reversed.
The interest payments scheduled to be made on December 31, 2014 and January 1, 2015 were not made on those dates. However, the interest payments are not in default under the applicable indentures until 30 days after the scheduled payment dates.
About Saratoga Resources
Saratoga Resources is an independent exploration and production company with offices in Houston, Texas and Covington, Louisiana. Principal holdings cover approximately 52,000 gross/net acres, mostly held by production, located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana and in the shallow Gulf of Mexico Shelf. Most of the company's large drilling inventory has multiple pay objectives that range from as shallow as 1,000 feet to the ultra-deep prospects below 20,000 feet in water depths ranging from less than 10 feet to a maximum of approximately 80 feet. For more information, go to Saratoga's website at www.saratogaresources.com and sign up for regular updates by clicking on the Updates button.