Saratoga Resources has completed the transition of all senior management functions from the former principals of Harvest Oil & Gas and The Harvest Group. The Company also announces the retirement of Barry Salsbury as President of the Harvest companies effective January 31, 2009.
Mr. Salsbury co-founded the Harvest companies in 2004. During his tenure, the Harvest companies acquired significant assets in state waters offshore Louisiana, primarily the Grand Bay and Vermillion 16 fields. Saratoga acquired the Harvest companies in July 2008 with Mr. Salsbury agreeing to continue as President of the Harvest companies to facilitate transition of operations following the acquisition. With the completion of the senior management transition, all functions previously carried out by the founders of the Harvest companies have now been assumed by the continuing Harvest management team and Saratoga personnel.
Thomas Cooke, CEO of Saratoga Resources, said, "I'd like to take this opportunity to once again thank Barry for all the hard work he put into making certain the transition to a new management group was rapid, smooth and seamless for both the employees of the Harvest companies and the management of Saratoga Resources. All field and back office operations continued without interruption during both the acquisition period and the months immediately after, including the very difficult hurricane season we experienced in 2008."
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