Saratoga Appoints Independent Director

Saratoga announced the appointment of J.W. "Bill" Rhea as an independent member of the Company's board of directors and as a member of the Audit and Compensation Committees.

Mr. Rhea has over 30 years of domestic and international business, financial and petroleum engineering experience in all phases of the upstream oil and gas industry. Since 2009, Mr. Rhea has provided petroleum exploration consulting services through J.W. Rhea & Associates. From 2006 to 2009, Mr. Rhea served as President, Chief Executive Officer and a Director of Gulf Energy Exploration Corp., a privately held oil and gas exploration and production company with principal operations in the Transition Zone offshore Texas. Prior to his appointment as a director, since 2007, Mr. Rhea served as an advisory director of the Company.

Thomas Cooke, Chairman and CEO of the Company, stated, "We are pleased to have Bill join our board of directors. Bill is well respected in the industry and brings a wealth of diverse experience to our board. For some time, we have targeted the appointment of an additional independent board member with both strong industry credentials and financial experience to facilitate our board functions and our planned move to a national exchange. We are confident that Bill will be a strong asset on our board."