Saratoga Resources Announces Appointment of Richard Nevins as Director; Extension of Forbearance Agreements With Senior Lenders
May 18 2015 - 10:05PM
Business Wire
Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or
“Saratoga”) today announced that it has appointed Richard Nevins to
its board of directors and as a member of the board’s existing
independent committee.
Mr. Nevins has served as an independent financial advisor since
2010 and previously from 2007 to 2008, in which capacity he served
as Interim CEO of Insight Health Services Holdings Corp from 2007
to 2008, as Interim CEO of US Energy Systems, Inc. during 2007, and
as Examiner in the 2007 bankruptcy of Northwest Airlines. From 1998
to 2007 and again from 2008 to 2010, Mr. Nevins served as Managing
Director and, during the 1998 to 2007 period, Co-Head of the
Recapitalization and Restructuring Group of Jefferies &
Company, Inc., a full service investment bank. Prior to his tenure
at Jefferies & Company, Mr. Nevins served in several leadership
positions as a director, financial advisor and corporate executive.
Mr. Nevins holds an MBA from the Stanford Graduate School of
Business and a Bachelor of Arts in Economics from the University of
California, Riverside.
Mr. Nevins’ appointment was made pursuant to the terms of an
amendment to the existing forbearance agreements with the Company’s
senior lenders. Under that amendment, if an additional independent
director acceptable to the senior lenders was appointed to the
board and independent committee, the forbearance period would be
extended until May 22, 2105. By separate agreement, the lenders
agreed to extend the forbearance period until June 5, 2015.
About Saratoga Resources
Saratoga Resources is an independent exploration and production
company with offices in Houston, Texas and Covington, Louisiana.
Principal holdings cover approximately 52,000 gross/net acres,
mostly held by production, located in the transitional coastline
and protected in-bay environment on parish and state leases of
south Louisiana and in the shallow Gulf of Mexico Shelf. Most of
the company's large drilling inventory has multiple pay objectives
that range from as shallow as 1,000 feet to the ultra-deep
prospects below 20,000 feet in water depths ranging from less than
10 feet to a maximum of approximately 80 feet. For more
information, go to Saratoga's website at www.saratogaresources.com
and sign up for regular updates by clicking on the Updates
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Saratoga Resources, Inc.Thomas Cooke, 713-458-1560Chairman/Chief
Executive OfficerorAndrew Clifford, 713-458-1560PresidentorRandal
McDonald, 713-458-1560Vice President – Finance and
Accountingwww.saratogaresources.com