18 Dec 2007director interest notice● Neutral
SARATOGA RESOURCES INC /TX Chairman and CEO Thomas F Cooke sold 9,775 shares at $1.15.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2007material agreement● Neutral
On December 14, 2007 the company amended both Harvest purchase agreements, moving the closing date from December 14, 2007 to January 21, 2008. It also gained the option to pay the seller-financed portions (about $28 million and about $7 million) in cash at a 10% discount, cutting the prices from $116 million to $113.2 million and from $29 million to $28.3 million.
12 Dec 2007director interest notice● Neutral
SARATOGA RESOURCES INC /TX Chairman and CEO Thomas F Cooke sold 10,300 shares at $1.15.
12 Dec 2007director interest notice● Neutral
SARATOGA RESOURCES INC /TX President Andy Clifford bought 10,059 shares on the open market.
5 Dec 2007capital raising announcement● Neutral
On December 4, 2007 the company sold 100,000 restricted shares to Andy Clifford, its President, for $100,000. The money is to pay professional fees and expenses for the pending Harvest acquisitions. This adds shares and thus dilutes other holders (inference).
5 Dec 2007director interest notice● Neutral
SARATOGA RESOURCES INC /TX Chairman and CEO Thomas F Cooke sold 29,925 shares.
8 Nov 2007director interest notice● Neutral
Marvin M Chronister became a SARATOGA RESOURCES INC /TX director and company insider (initial ownership filing).
25 Oct 2007material agreement● NeutralMajor
On October 24, 2007 the company agreed to buy The Harvest Group, LLC, a companion to the Harvest Oil deal with overlapping owners, for $29 million: $22,000,009 in cash and the balance in an 8% subordinated note on the same terms. Closing is subject to diligence and release of Macquarie debt, and is not assured.
22 Oct 2007material agreement● NeutralMajor
On October 18, 2007 the company agreed to buy all of Harvest Oil & Gas, LLC (South Louisiana onshore and state-waters Gulf of Mexico) for $116 million less an amount to release a Macquarie net profits interest. About $88 million less that amount is payable in cash and the rest in an 8% subordinated note due in 36 months, with a 12% annualized equity participation bonus. Closing depends on due diligence, release of Macquarie debt and other conditions.
16 Oct 2007auditor change▼ BadMajor
This amendment corrects the October 8 auditor-change report: Robnett's 2006 and 2005 audit reports were in fact modified for uncertainty about the company's ability to continue as a going concern. The original filing had left that out. The auditor change itself is unchanged.
12 Oct 2007director interest notice● Neutral
Andy Clifford became a SARATOGA RESOURCES INC /TX President and company insider (initial ownership filing).
10 Oct 2007director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Rex H White Jr. received 25,000 shares as part of the equity award.
10 Oct 2007director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Kevin Smith received 25,000 shares as part of the equity award.
9 Oct 2007auditor change● Neutral
On October 8, 2007 the company dismissed Robnett & Co. as auditor and appointed Malone & Bailey, PC. The filing says there were no disagreements and the prior reports had no adverse opinion; the board approved the change.
15 June 2006director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Kevin Smith received 25,000 shares as part of the equity award.
15 June 2006director interest notice● Neutral
Rex H White Jr. became a SARATOGA RESOURCES INC /TX director and company insider (initial ownership filing).
6 Feb 2006material agreement● Neutral
On January 30, 2006 the board adopted two share plans: a 2006 Stock Option Plan reserving 1,200,000 shares, and a 2006 Employee and Consultant Stock Plan reserving 1,200,000 shares. The option plan needs shareholder approval within twelve months. If used, these shares would dilute existing holders (inference).
30 Jan 2006director interest notice● Neutral
Thomas F Cooke became a SARATOGA RESOURCES INC /TX President and company insider (initial ownership filing).
24 Jan 2006director interest notice● Neutral
Kevin Smith became a SARATOGA RESOURCES INC /TX director and company insider (initial ownership filing).
14 July 2005auditor change● Neutral
Filed in July 2005, this report discloses auditor changes: the board decided in March 2000 not to re-appoint Ernst & Young (no disagreements reported), and in September 2004 it appointed Robnett & Company, LLP as its principal independent accountant. This formally reports the 2000 auditor decision that the earlier late-filing notice sat alongside.
27 Mar 2000late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its annual report would be filed late.