17 May 2010quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $12.7 million and a net loss of $5.8 million for the period ended 2010-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Apr 2010bankruptcy or receivership● NeutralMajor
On April 19, 2010 the court confirmed a Third Amended Plan, replacing the December 2009 plan, with different debt terms. Wayzata's term claim is allowed at $127.5 million at 11.25% maturing April 30, 2012, and Macquarie's revolver claim at $23.5 million, with $5.5 million paid on the effective date. Creditors will receive 483,310 new shares and Wayzata a warrant for up to 2,000,000 shares at $0.01, so existing holders are diluted; about 17,173,602 shares would be outstanding. Shareholders otherwise keep their interests, with no distributions until all allowed claims are paid in full. The plan was not yet effective, with an effective date expected by May 15, 2010.
16 Apr 2010director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Kevin Smith received a stock option grant for 25,000 shares.
16 Apr 2010director interest notice● Neutral
SARATOGA RESOURCES INC /TX Chairman and CEO Thomas F Cooke sold 2,500 shares.
16 Apr 2010director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Rex H White Jr. received a stock option grant for 25,000 shares.
16 Apr 2010director interest notice● Neutral
SARATOGA RESOURCES INC /TX Vice President - Finance Eddie J Hebert received a stock option grant for 150,000 shares.
13 Apr 2010director interest notice● Neutral
SARATOGA RESOURCES INC /TX Chairman and CEO Thomas F Cooke sold 2,000 shares.
31 Mar 2010late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its annual report would be filed late.
21 Dec 2009director interest notice● Neutral
SARATOGA RESOURCES INC /TX Chairman and CEO Thomas F Cooke sold 500 shares at $2.50.
4 Dec 2009bankruptcy or receivership▲ GoodMajor
On December 2, 2009 the bankruptcy court confirmed the Second Amended Plan of Reorganization, but it takes effect only once Macquarie and Wayzata sign definitive loan documents, which the filing says is not assured. Under the plan Wayzata's claim is set at $116 million: $14 million paid in cash on the effective date, the rest as a $70 million secured note at 15% and a $32 million unsecured note at 22.5%, plus a new 805,515-share warrant. Macquarie's revolver stays in place with its borrowing base raised from $25 million to $45 million. Other creditors are to be paid 100%. Shareholders keep identical interests, but no dividends or distributions are allowed until all allowed claims are paid in full in cash. About 16,690,292 shares will be outstanding. This resolves the bankruptcy outcome for equity, pending the effective date.
16 Nov 2009late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its quarterly report would be filed late.
20 May 2009financial restatement● NeutralMajor
On May 19, 2009, management concluded the 2008 financial statements can no longer be relied on because of errors in accounting for the Harvest acquisition (tax basis, deferred taxes, and the purchase price allocation). Restated 2008 net income for July 15 to December 31, 2008 rises from $12,591,716 to $17,787,262, and total stockholders' equity from $28,244,221 to $33,439,767. The company will file an amended 10-K, and the filing says Malone & Bailey was told of the matter.
15 May 2009late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its quarterly report would be filed late.
2 Apr 2009bankruptcy or receivership▼ BadMajor
On March 31, 2009, Saratoga, Harvest Oil & Gas, The Harvest Group, Lobo Operating and Lobo Resources filed voluntary Chapter 11 petitions in the Western District of Louisiana, less than nine months after the Harvest acquisitions closed. The filing accelerated the $97.5 million owed to Wayzata and the $12.5 million owed to Macquarie, though the company believes enforcement is stayed. The company will keep operating as debtor in possession and says it will be late with its 2008 annual report. The filing does not say what happens to shareholders' stock.
1 Apr 2009late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its annual report would be filed late.
26 Jan 2009director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Marvin M Chronister received 5,000 shares as part of the equity award.
2 Dec 2008director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Marvin M Chronister received 10,000 shares as part of the equity award.
14 Nov 2008late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its quarterly report would be filed late.
1 Oct 2008director interest notice● Neutral
Eddie J Hebert became a SARATOGA RESOURCES INC /TX Vice President Finance and company insider (initial ownership filing).
21 Aug 2008asset acquisition disposition● Neutral
This amendment to the July 2008 report on the Harvest acquisitions adds Harvest financial statements for the quarter ended March 31, 2007 that were left out. It also corrects footing errors in Saratoga's Q1 2008 statements and moves $12.5 million of revolver borrowings from current to non-current liabilities in the pro forma statements. The deal terms are restated unchanged: $105,683,000 cash plus 4.9 million shares, the $97.5 million Wayzata loan at 20% due July 14, 2011, and the Macquarie revolver of up to $25 million with $12,528,878 drawn. The filing says nothing else was updated.
24 July 2008director interest notice● Neutral
Macquarie Americas Corp. became a SARATOGA RESOURCES INC /TX 10%+ owner and company insider (initial ownership filing).
24 July 2008substantial holder notice● Neutral
Macquarie Americas Corp disclosed a new substantial SARATOGA RESOURCES INC /TX shareholding (19.60% of votes).
24 July 2008director interest notice● Neutral
Barry Salsbury became a SARATOGA RESOURCES INC /TX President - Harvest Cos and company insider (initial ownership filing).
18 July 2008asset acquisition disposition● NeutralMajor
On July 14, 2008 the company closed the Harvest Oil and Harvest Group acquisitions after a fourth amendment reinstated the agreements and reset the price to cash plus 4.9 million shares. It paid $105,683,000 in cash and issued 4.9 million shares (3.3 million to Macquarie), for about 33,000 gross acres across 11 fields in Louisiana state waters. It was funded by a $97.5 million Wayzata second-lien loan at 20% interest due July 14, 2011 (plus a warrant for 805,515 shares at $0.01) and a Macquarie first-lien revolver of up to $25 million, with $12,528,878 drawn. The deal resolves the pending purchases but adds substantial debt and new shares for existing holders.
30 May 2008director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Marvin M Chronister received 30,000 shares as part of the equity award.
15 May 2008late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its quarterly report would be filed late.
31 Mar 2008late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its annual report would be filed late.
19 Feb 2008material agreement▼ Bad
On February 18, 2008 a third amendment moved closing on both Harvest deals from February 14 to February 29, 2008, with a right to extend to March 7, 2008 if the company shows it has secured financing. The extension is conditioned on financing, which the filing indicates was not yet shown as secured. The filing's date reference reads 'February 29, 2009', which appears to be a typo (inference).
22 Jan 2008material agreement● Neutral
On January 18, 2008 a second amendment to both Harvest purchase agreements pushed closing from January 21 to February 14, 2008 and adjusted seller tax-distribution terms. The deals remain unclosed.
21 Dec 2007director interest notice● Neutral
SARATOGA RESOURCES INC /TX Chairman and CEO Thomas F Cooke sold 25,000 shares.