Saratoga Resources Inc. - 2011-07-07

The company has reported the pricing of its private placement of $127.5 million of 12½% Senior Secured Notes due 2016. The offering was sold at 98.221% of par to yield 13.0% to maturity. The offering, which is subject to customary closing conditions, is expected to settle on July 12, 2011.

Net proceeds from the offering, together with proceeds of a concurrent equity placement, will be used to repay substantially all of Saratoga's existing debt, including all debt under its existing credit facilities.