Saratoga Resources, Inc. Files For Bankruptcy in Lafayette, Louisiana

On June 18, 2015, Saratoga Resources, Inc. (“Saratoga”) and its subsidiaries (collectively and including Saratoga, the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Western District of Louisiana, Lafayette Division.  In connection with the bankruptcy filing, the Debtors also filed a Form 8-K with the U.S. Securities and Exchange Commission (the “June 19th Form 8-K”).Saratoga’s bankruptcy petition indicates that the Debtors have assets of approximately $ 101.2 million with outstanding debts of approximately $219.2 million.  Bankruptcy Petition at 4.  The Debtors’ secured debt is composed of (i) $54.6 million owed in the form of 10.0% Senior Secured Notes due 2015 and (ii) $125.2 million owed in the form of 12½% Senior Secured Notes due 2016.  The senior secured notes are held by funds managed by GSO Capital Partners LP and Stonehill Capital Management LLC.  June 19th Form 8-K at 2; Saratoga Bankruptcy Petition at 5. The Debtors’ primary, oil-producing assets are shallow-water oil and gas leases in the state of Louisiana and on the Outer Continental Shelf.  Seewww.saratogaresources.com/operations/.The Debtors’ bankruptcy cases have been docketed as In re Saratoga Resources, Inc. [Case No. 15-50749], In re Lobo Operating, Inc. [Case No. 15-50751], In re Lobo Resources, Inc. [Case No. 15-50752], In re Harvest Oil & Gas, LLC [Case No. 15-50748], and In re The Harvest Group LLC [15-50750].A copy of Saratoga’s bankruptcy petition can be accessed here:  Download Bankruptcy Petition.A copy of the June 19th Form 8-K can be accessed here: Download June 19th Form 8-K.For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney. For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.