Oil-and-gas producer Saratoga Resources Inc. has filed for
chapter 11 bankruptcy protection, citing operating issues, an
arbitration award against the company and the sharp decline in
energy prices.
Saratoga focuses on south Louisiana and the shallow Gulf of
Mexico Shelf.
The company said Thursday it believes it has sufficient cash to
operate in the immediate term without debtor-in-possession
financing.
Saratoga said many of the issues in its field operations have
been resolved, and it has reduced costs to address the low-price
environment.
Saratoga previously filed for bankruptcy in 2009 and emerged in
2010.
In April, the company said it was working with its secured
lenders "to address liquidity issues with a view to either
restructure or repay existing debt."
On Wednesday, drilling-services company Hercules Offshore Inc.
said it entered a restructuring agreement with a noteholder group
and expected a prepackaged reorganization plan or a chapter 11
filing would occur within a few weeks.
American Eagle Energy Corp. and Quicksilver Resources Inc. are
among the energy companies that have filed for bankruptcy this
year.
Write to Josh Beckerman at josh.beckerman@wsj.com
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