Saratoga Resources Announces Appointment of Richard Nevins as Director; Extension of Forbearance Agreements With Senior Lenders
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,
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 button.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150518006834/en/
Copyright Business Wire 2015
Source: Business Wire
(May 18, 2015 - 10:05 PM EDT)
News by QuoteMedia