14 Dec 2022director interest notice● Neutral
SARATOGA RESOURCES INC /TX 10%+ owner Blackstone / Gso Capital Solutions Fund LP disposed of 4,800,000 shares via option/appreciation-right settlement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2022substantial holder notice● Neutral
Blackstone / GSO Capital Solutions Fund LP, Blackstone / GSO Capital Solutions Associates LLC, Blackstone / GSO Capital Solutions Overseas Master Fund L.P, Blackstone / GSO Capital Solutions Overseas Associates LLC, GSO Holdings I L.L.C, Blackstone Holdings I L.P, Blackstone Holdings I/II GP L.L.C, Blackstone Inc, Blackstone Group Management L.L.C, Stephen A. Schwarzman, Bennett J. Goodman, J. Albert Smith III reported no remaining SARATOGA RESOURCES INC /TX shareholding in its periodic institutional filing.
30 Aug 2022auditor change▼ Bad
The company's auditor, MaloneBailey, resigned (notice dated August 1, 2022, received August 29, 2022). Its reports for 2020 and 2021 carried a going-concern qualification, and the company cites material weaknesses described in its 2021 annual report; no disagreements are reported. The filing names no replacement auditor, and the cover page shows no securities registered on an exchange.
31 Mar 2022late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its annual report would be filed late.
29 Oct 2021quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported a quarterly net loss of $134 thousand for the period ended 2021-09-30.
31 Jan 2017director interest notice● Neutral
Bradley Holmes became a SARATOGA RESOURCES INC /TX director and company insider (initial ownership filing).
27 Jan 2017director interest notice● Neutral
SARATOGA RESOURCES INC /TX director Rex H White Jr. received a stock option grant for 50,000 shares.
27 Jan 2017director interest notice● Neutral
SARATOGA RESOURCES INC /TX Chairman and CEO Thomas F Cooke received a stock option grant for 500,000 shares.
3 Nov 2016bankruptcy or receivership● NeutralMajor
The bankruptcy court confirmed the Chapter 11 plan on August 30, 2016, and the plan became effective on November 2, 2016. Under it, the first and second lien note liens are cancelled, a Litigation Trust takes the debtors' assets other than retained Gulf of Mexico federal leases and St. Bernard and St. Mary Parish leases (with related bonds and trust accounts), and a $100,000 Convenience Fund is set up. Contrary to the earlier warning that stock could be cancelled, existing shareholders keep their shares unchanged (30,986,601 outstanding as of August 31, 2016). The filing reports total assets of $6.7 million against liabilities of $223.8 million at July 31, 2016. Directors Rhea, Smith and Nevins left; Cooke, Clifford and White remain.
16 Mar 2016substantial holder notice● Neutral
Blackstone / GSO Capital Solutions Fund LP, Blackstone / GSO Capital Solutions Associates LLC, Blackstone / GSO Capital Solutions Overseas Master Fund L.P, Blackstone / GSO Capital Solutions Overseas Associates LLC, GSO Holdings I L.L.C, Blackstone Holdings I L.P, Blackstone Holdings I/II GP Inc, The Blackstone Group L.P, Blackstone Group Management L.L.C, Stephen A. Schwarzman, Bennett J. Goodman, J. Albert Smith III, Douglas I. Ostrover reported a SARATOGA RESOURCES INC /TX shareholding of 4,800,000 shares (15.50% of votes) in a periodic institutional filing.
16 Nov 2015quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $5.5 million and a net loss of $30.0 million for the period ended 2015-09-30.
19 Aug 2015quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $7.7 million and a net loss of $10.1 million for the period ended 2015-06-30.
14 Aug 2015late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its quarterly report would be filed late.
30 June 2015listing compliance notice● NeutralMajor
SARATOGA RESOURCES INC /TX's exchange filed to remove a class of its securities from listing.
23 June 2015listing compliance notice▼ BadMajor
On June 19, 2015, the day after the Chapter 11 filing, NYSE Regulation told the company it would begin proceedings to delist its stock from NYSE MKT, and trading was suspended that day. The exchange cited the bankruptcy and uncertainty over its outcome and its effect on the stock's value; the company does not expect to appeal. The company repeated its warning that a plan could leave shareholders with little or no distribution and cancel their stock.
19 June 2015bankruptcy or receivership▼ BadMajor
On June 18, 2015 Saratoga and its four subsidiaries (Harvest Oil & Gas, The Harvest Group, Lobo Operating, Lobo Resources) filed for Chapter 11 in the Western District of Louisiana, after the forbearance extensions ended without a deal. This accelerated the $54.6 million 10.0% first lien notes and $125.2 million of 12.5% notes. The company warns that shareholders may receive little or no distribution and that their stock could be cancelled, but no plan has been filed yet. This is the company's second Chapter 11 after its 2010 emergence.
10 June 2015material agreement▼ Bad
The company signed a fifth amendment to both forbearance agreements on June 5, 2015, extending the forbearance period to June 12, 2015. This follows earlier amendments on March 2, March 16, April 30 and May 18, so lenders were still holding off on remedies but only by short extensions; no restructuring deal is described. The address is now 9225 Katy Freeway, Houston, a move from 3 Riverway.
20 May 2015quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $6.4 million and a net loss of $12.0 million for the period ended 2015-03-31.
18 May 2015late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its quarterly report would be filed late.
1 Apr 2015late filing notice▼ Bad
SARATOGA RESOURCES INC /TX notified the SEC that its annual report would be filed late.
17 Feb 2015substantial holder notice● Neutral
Macquarie Group Limited, Macquarie Bank Limited, Macquarie Americas Corp reported no remaining SARATOGA RESOURCES INC /TX shareholding in its periodic institutional filing.
17 Feb 2015director interest notice● Neutral
SARATOGA RESOURCES INC /TX VP - Finance and Accounting Randal B Mcdonald Jr. received a stock option grant for 30,000 shares.
5 Feb 2015director interest notice● Neutral
SARATOGA RESOURCES INC /TX 10%+ owner Blackstone Group L.P. bought 800,000 shares on the open market at $6.25.
5 Feb 2015director interest notice● Neutral
Blackstone Group L.P. became a SARATOGA RESOURCES INC /TX 10%+ owner and company insider (initial ownership filing).
5 Feb 2015director interest notice● Neutral
Blackstone / Gso Capital Solutions Fund LP became a SARATOGA RESOURCES INC /TX 10%+ owner and company insider (initial ownership filing).
5 Feb 2015director interest notice● Neutral
SARATOGA RESOURCES INC /TX 10%+ owner Blackstone / Gso Capital Solutions Fund LP bought 800,000 shares on the open market at $6.25.
3 Feb 2015material agreement▼ BadMajor
On January 30, 2015 the company signed forbearance agreements with its first lien and second lien noteholders after missing a $1.3 million first lien interest payment due December 31, 2014 and a $7.9 million second lien payment due January 1, 2015. Lenders agreed to hold off on remedies until the earlier of March 16, 2015 or a further default, while the company seeks a restructuring or refinancing. The company must pay the first lien interest with default interest ($1,378,650) by February 2, hire a financial advisor by March 2, and deliver a budget and business plan. This is the first sign of debt distress, following the short-dated 2015 notes issued in November 2013.
10 Dec 2014substantial holder notice● Neutral
Blackstone / GSO Capital Solutions Fund LP, Blackstone / GSO Capital Solutions Associates LLC, Blackstone / GSO Capital Solutions Overseas Master Fund L.P, Blackstone / GSO Capital Solutions Overseas Associates LLC, GSO Holdings I L.L.C, Blackstone Holdings I L.P, Blackstone Holdings I/II GP Inc, The Blackstone Group L.P, Blackstone Group Management L.L.C, Stephen A. Schwarzman, Bennett J. Goodman, J. Albert Smith III, Douglas I. Ostrover disclosed a new substantial SARATOGA RESOURCES INC /TX shareholding (15.50% of votes).
14 Nov 2014quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $16.6 million and a net loss of $10.3 million for the period ended 2014-09-30.
14 Aug 2014quarterly activities report▼ Bad
SARATOGA RESOURCES INC /TX reported quarterly revenue of $15.0 million and a net loss of $6.7 million for the period ended 2014-06-30.