Hurricanes, Oil Prices Force Saratoga Into Ch. 11

Law360, New York (April 2, 2009, 12:00 AM EDT) -- A loss in revenue in the wake of hurricanes Ike and Gustav and a sharp decline in energy prices have prompted oil and gas exploration company Saratoga Resources Inc. and certain operating subsidiaries to file for bankruptcy.

The Austin, Texas-based company filed for Chapter 11 protection Tuesday in the U.S. Bankruptcy Court for the Western District of Louisiana, listing assets of $169.3 million and $110.6 million in debt.

Saratoga said in a statement that it had cash of about $4.7 million, which it expects will be...
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