Saratoga Resources, Inc. (OTC:SROEQ) has announced that it has reached a settlement with its senior secured lenders and the remaining party that is opposed to the confirmation of the company’s Third Amended Plan of Reorganization for the company’s Plan and exit from Chapter 11 bankruptcy. The new agreement includes Immaterial Modifications to the company’s Third Amended Plan of Reorganization. The Plan was filed on March 31, 2010. A confirmation of the Plan is scheduled on April 19, 2010 before the United States Bankruptcy Court Judge Robert Summerhays of the Western District of Louisiana.
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Saratoga is an independent exploration and production company with offices in Houston, Texas, and Covington, Louisiana with 30 full-time employees, supplemented by field-based contract operations personnel. Principal holdings cover 33,625 gross (32,527 net) acres, mostly held-by-production, located in the state waters offshore Louisiana. Saratoga's stock currently trades on the OTC Bulletin Board under the symbol "SROEQ". Saratoga filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 31, 2009.
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