Saratoga Resources Inc. emerged from Chapter 11 bankruptcy protection, effective Nov. 2, the company said Nov. 3.
Saratoga retained selected nonproducing oil and gas assets, including a license to more than 450 square miles of high quality seismic data. Management said it is evaluating the retained assets and will develop a post-bankruptcy plan of operations.
All of Saratoga’s first- and second-lien debt was discharged.
All common shares that were outstanding prior to bankruptcy are still issued and outstanding. Therefore, Saratoga is debt-free with unchanged outstanding shares, the company said.
The company filed a Form 8-K with the Securities and Exchange Commission on Nov. 3.
Thomas Cooke, Andrew Clifford, and Rex White Jr. continue to serve as directors of the company. The remaining directors’ terms ended on the Nov. 2 effective date.
Cooke and Clifford continue to serve as principal officers.
A notice of satisfaction of conditions of its reorganization plan was filed with the U.S. Bankruptcy Court. The company first filed its Chapter 11 reorganization plan on Aug. 30.
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