Saratoga Turns on Taps at 2 Grand Bay Wells, Establishes New Benchmark

Saratoga has established record levels of production for the Company of net 1,803 barrels of oil per day (BOPD) plus 7,661 thousand cubic feet per day (MCFPD), the equivalent of 3,080 barrels of oil equivalent per day (BOEPD).

Contributing to these totals are the recent recompletions at SL 195 QQ#205 and SL 195 QQ#15. The QQ#205 well was completed on November 23rd at an initial rate of 305 BOPD, 340 MCFPD plus 3 barrels of water per day (BWPD) through a 15/64 inch choke. The Company has also begun shallow gas production from Pliocene aged sands at a depth of 1,600 feet at Grand Bay Field. The QQ#15 well was completed on November 25th and is currently producing 1,063 MCFPD plus 3 BWPD through a 19/64 inch choke.

In addition, Saratoga has reached a total depth of 12,150 feet measured depth (10,528 feet true vertical depth) in the GPLD A-191 well and expects to have the well on production before year end.

Andy Clifford, Saratoga's President, said, "We are very excited by the results of our recent development campaign which has expanded the vertical boundaries of the Grand Bay Field. Although Grand Bay was discovered in 1938, there is still a relatively light well density in the field and only three wells have been drilled below 15,000 feet. Saratoga has identified some very attractive deeper oil targets for future drilling but at present we are concentrating on the low hanging fruit."

He added, "Despite the fact that shallow Pliocene gas production had been established all around Grand Bay, there have not been any previous attempts at shallow gas completions in the field. In fact, only a handful of wells had even logged the first 2,000 feet of hole and the shallow section of the 3D seismic data had not previously been processed. We have reached the important 3,000 BOEPD threshold and have taken Grand Bay production to new heights and will continue to do so over the next year."