CKCC - Saratoga Resources, Inc. (SARA, $3.63, B, $7.00 PT): SARA Provides Operational Update
Saratoga Resources, Inc. (SARA) provided an update on its current Gulf Coast operations
Irvine, CA (Sharewellnewswire.com) December 21, 2012 – C. K. Cooper and Company
The company reported that it has completed workover operations in the QQ-24 well and has performed diagnostics work on the A-191 well to develop a plan to maximize production from the well. Additionally, SARA has contacted a rig to drill its QQ-209 “Buddy” development well.
Recall, development operations were resumed with funds from the firm’s recent Senior Secured Notes offering of $25MM, after being postponed previously due to a lack of liquidity following cost overruns on well operations and the lingering impact of Hurricane Isaac, which resulted in the deferral of $7MM in revenue.
Management reported that the workover on the QQ-24 well came in under budget and ahead of schedule and the Buddy development well should be drilled by year-end.
Reiterate BUY and $7.00 price target.
In our opinion, SARA is undervalued on a proved reserve basis and development of the firm’s PUD inventory is the key to unlocking its asset base. With the resumption of development operations, the firm appears to be moving in that direction.
C. K. Cooper & Company, Inc. – 4 Park Plaza, Suite 1900, Irvine, California 92614
Telephone: (949) 477-9300 Facsimile: (949) 477-9211 E-Mail: [email protected]
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At the time of this report C. K. Cooper & Company has not provided investment banking services to the covered Company in this report within the past 12 months. C. K. Cooper & Company may solicit future investment banking business from the issues covered in this report which could result in the payment of investment banking related fees.
As of the time of this report the covering analyst and or his family does not have an ownership position in the covered security. As a policy, C. K. Cooper & Company does not allow its analysts to own the securities they cover.
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Additional information on the securities discussed herein is available upon request. Such information is furnished as a matter of service only and is not deemed an offer to sell or solicitation of any offer to buy a security mentioned herein. Investors should seek advice when considering investment practices in any security. Investors should note that prices/values of securities might rise or fall and therefore may have a return, which is less than originally invested. Past performance is not always a guide to future performance. © Copyright 2012.
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C.K. Cooper & Company
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