Saratoga Resources Inc. - 2011-05-02

Closed a $7.4-million placement of restricted common stock and warrants to U.S. and non-U.S. accredited investors. The company sold an aggregate of some 2.5 million shares of common stock and around 1.24 million warrants in units of two shares of common stock and one warrant at $6 per unit. The warrants are exercisable for two years to purchase shares of common stock at $5 per share.