There aren’t many stories that involve a successful outcome for all parties following a Chapter 11 event, but Saratoga Resources Inc. chief executive Thomas Cooke (left), and president Andy Clifford have one to tell.

Those who like turnaround stories are finding compelling narratives in today's Gulf Coast, outer continental shelf and transition zone activity, thanks to application of new technology and oil priced at Brent levels.

But there is another turnaround story afloat in Louisiana's transition zone that involves the efforts of a seasoned management team to overcome commodity-price risk. ...