Saratoga to Be Listed on NYSE Amex Exchange

- Saratoga to Be Listed on NYSE Amex Exchange

Monday, July 18, 2011
Saratoga Resources

Saratoga Resources, Inc. today announced that it has received notification that its common stock has been approved for listing on the NYSE Amex stock exchange and has chosen J. Streicher & Co., L.L.C. as its designated market maker. Saratoga expects its common stock to begin trading on the NYSE Amex under the trading symbol ‘SARA’ on July 20, 2011. Saratoga’s common stock will continue to trade on the OTCQB under its current symbol, “SROE.PK,” until such date.

“Our listing on the NYSE Amex marks a significant milestone in the transformation of our company,” said Thomas F. Cooke, Chairman and Chief Executive Officer. “Over the past several years we have weathered an unprecedented decline in commodity prices and exited bankruptcy, preserving our equity holders’ interests intact and paying our creditors one hundred cents on the dollar. We have since refinanced our debt and strengthened our balance sheet with the infusion of additional equity while improving our bottom line through increasing production, a rebound in commodity prices and a sharp focus on controlling costs through operating efficiencies. We believe that our recently announced successful equity raises, including the participation of funds managed by Blackstone Group (NYSE:BX - News) affiliate GSO Capital Partners as lead investor, together with our move to the NYSE Amex is a reflection on the great strides we have made as a company. We expect our listing on the NYSE Amex to result in increased visibility within the investment community and additional liquidity in the capital markets for our common stock.”

“We welcome Saratoga Resources to the NYSE Euronext family of listed companies and to NYSE Amex,” said Scott Cutler, Executive Vice President, NYSE Euronext. “Saratoga and its shareholders will benefit from superior market quality and technology, a broad array of issuer and investor services, and a global brand association. We look forward to building a strong and lasting partnership with the Company and its shareholders.” For more information, please visit: www.saratogaresources.com.

About Saratoga Resources

Saratoga is an independent exploration and production company with offices in Houston, Texas and Covington, Louisiana. Principal holdings cover 33,869 gross (31,125 net) acres, mostly held-by-production, located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana. Saratoga's stock currently trades on the OTC Market under the symbol "SROE.PK".

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Tullow Lists Shares on Ghana Stock Exchange

- Tullow Lists Shares on Ghana Stock Exchange

Tuesday, May 31, 2011
Tullow Oil plc

Tullow announced its plans for a secondary listing of its shares on the Ghana Stock Exchange (GSE) and an offering of 4,000,000 Tullow shares in Ghana.

The offer of Tullow shares on the GSE will give everyone in Ghana the opportunity to apply for shares in Tullow and to share in the future performance of Tullow's operations across its global portfolio of assets. This listing and share offer further demonstrates Tullow's long-term commitment to Ghana.

The share price for the offer will be announced on Monday, June 13, 2011. Shares can be applied for between June 13, 2011 and July 4, 2011 through Tullow's sponsoring broker, IC Securities (Ghana) Limited or visiting any branch of Standard Chartered or Agricultural Development Bank in Ghana or the office of any of the authorized receiving agents.

Tullow expects to publish a prospectus which further describes the secondary listing and share offer under Ghanaian law on 13 June 2011. Any decision to invest in shares which form part of the offer should only be made on the basis of information set out in that prospectus.

Commenting, Aidan Heavey, Chief Executive, said, "Tullow is fortunate to have played a pivotal role in delivering First Oil from the word-class Jubilee field, offshore Ghana. We would like everyone in Ghana to have the opportunity to invest in the future performance of Tullow, especially as we embark upon further exciting exploration and development activities in Ghana and across our global portfolio. With the support of the Ghana Stock Exchange, the Securities and Exchange Commission and Ghanaian advisers and banks, we are making our shares accessible to anyone in Ghana who wishes to take part in the share offer."

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API: New Energy Policy to Add Jobs for Brazil

Tuesday, March 22, 2011

API President and CEO Jack Gerard said the administration's offer to exchange batteries for oil from Brazil reflects its inadequate and illogical energy policy:

"It is beyond comprehension the administration would encourage trade for Brazilian oil while obstructing U.S. oil and natural gas development, eliminating related jobs here at home, and decreasing oil and natural gas revenues to the U.S. Treasury when the government is trillions of dollars in debt. The message from the White House to America's oil and natural gas workers: we're going to outsource your job.

"The administration is missing the obvious: what makes sense for Brazil also makes sense for the United States. Like every other nation, we should be developing our own oil and natural gas resources. It's good for energy security, good for the economy, good for jobs, and it will help bring down our deficit.

"The administration says it supports more oil and natural gas development here in the United States, then at every turn discourages it. And today, the White House is making a deal with Brazil for the oil it is not allowing companies to produce here. There's nothing wrong with buying Brazilian oil, but there's a big problem when we're forced to because we're held back from producing our own."

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[Oil and Gas Post] - Oil Slips From Two-Week High on Speculation Mideast Risk Limited to Libya

Oil Slips From Two-Week High on Speculation Mideast Risk Limited to Libya

By Grant Smith and Ann Koh - Mar 22, 2011 4:22 PM GMT+0700

Crude oil retreated from its highest price in almost two weeks amid speculation that supply disruptions from political unrest in North African and the Middle East may be confined to Libya.
Futures slipped after climbing as much as 0.3 percent as demonstrators in Yemen spent the night on streets to maintain pressure on President Ali Abdullah Saleh, who is facing a growing internal revolt. Tension in the region is adding a risk premium of $15 to $20 a barrel to Brent oil prices, according to Societe Generale SA.

“The unrest in Libya seems to be priced in almost completely by now,” Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, said in an interview with Bloomberg television. “The price will stay at elevated levels of around $110 to $120 for several months and will drop back to $90 by the year-end.”

Crude for April delivery on the New York Mercantile Exchange was at $102.05 a barrel, down 28 cents, at 9:15 a.m. London time, after rising as high as $102.67. Yesterday, it gained $1.26 to $102.33, the highest settlement since March 10. The April contract expires today. The more-actively traded May futures were down 22 cents at $102.87 a barrel. Brent oil for May settlement was at $114.65, down 31 cents, on the ICE Futures Europe exchange in London after rising as much as 0.5 percent. The spread between the two May contracts narrowed to $11.80 a barrel from $11.87 yesterday.

Regional Unrest

Regional turmoil has toppled the leaders of Tunisia and Egypt and reached Yemen, Bahrain and Syria. Societe Generale raised its forecast for Brent by $11 to average $109 a barrel this year as political risks increased, analysts led by Michael Wittner said in a report dated yesterday.

Allied forces are expanding their air campaign over Libya in an effort to thwart Muammar Qaddafi’s fighters and enable rebels to control cities, such as the opposition capital of Benghazi, which had been under attack by troops loyal to the regime. The Libyan leader denounced the coalition allied against him, which includes the U.S., the U.K. and France, as “the party of Satan.”

Libyan output has fallen to fewer than 400,000 barrels a day, Shokri Ghanem, chairman of Libya’s National Oil Co., said on March 19. The country produced 1.59 million barrels a day in January, according to estimates compiled by Bloomberg. Exports may be halted for “many months” because of sanctions and damage to facilities, the International Energy Agency said.

Libyan oil production is likely to remain disrupted for the rest of this year, said Lawrence Eagles, head of commodities research at JPMorgan Chase & Co. in New York.

Protest in Yemen

Thousands of Yemenis spent the night on streets across the country to maintain pressure on President Ali Abdullah Saleh, who is facing a growing internal revolt by army leaders, ministers and diplomats. Yemen produced about 298,000 barrels of oil daily in 2009, according to BP Plc data.

Military officers including Ali Muhsin al-Ahmar, commander of the first armored division, and Mohammed Ali Muhssein, commander of the eastern region, abandoned the regime yesterday. Their move was a result of the crackdown three days ago that left dozens dead, said Mohammed al-Sabri, an opposition leader.

Bahrain’s government declared a three-month state of emergency on March 15 after troops from Saudi Arabia and other Arab Gulf states arrived to help in quelling more than a month of protests.

Japan is delivering more relief supplies in areas hardest hit by the March 11 earthquake as workers restored power to two reactors at a crippled Fukushima Dai-Ichi nuclear power plant yesterday, prompting Prime Minister Naoto Kan to say there was “light at the end of the tunnel.”

Short-Term Drop

“The recent tragic events in Japan will result in a sharp short-term drop in economic activity but is likely to be followed by a strong recovery driven by reconstruction and replacement of durables which would boost the demand for many commodities,” Societe Generale’s analysts said.

Japan was responsible for 5.2 percent of global oil demand in 2009, according to BP, which publishes its Statistical Review of World Energy each June. Japan is the third-biggest crude- consuming country, after the U.S. and China.

To contact the reporters on this story: Ann Koh in Singapore at akoh15@bloomberg.net; Grant Smith in London at gsmith52@bloomberg.net

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