Saratoga Resources, Inc. Completes Acquisition of Harvest Companies for Cash and...

Saratoga Resources, Inc. Completes Acquisition of Harvest Companies for Cash and Stock

AUSTIN, Texas--(Business Wire)--
Saratoga Resources, Inc. (OTCBB: SROE) today announced that it has
completed the acquisition of Harvest Oil & Gas, LLC and The Harvest
Group, LLC (together, "Harvest").

Under the terms of the acquisitions, Saratoga paid an aggregate of
$105,683,000 in cash and issued 4,900,000 shares of Saratoga common
stock for 100% of ownership of both Harvest companies. Pursuant to the
terms of the acquisitions, a portion of the cash paid was applied to
retire all existing bank debt of Harvest and a portion of the cash
paid and shares of stock issued were applied to eliminating an
existing net profits interest in Harvest's properties.

Based in Covington, Louisiana, Harvest owns, manages and operates
producing oil and gas properties in South Louisiana onshore and the
state waters of the Gulf of Mexico. Proved reserves of Harvest totaled
67.3 bcfe (66% gas versus oil) based on a January 1, 2008 third-party
engineering report. Average daily net production of Harvest for May
2008 was 1,656 bopd and 4,467 mcfgpd, or 2,401 boepd (31% gas versus
oil).

Financing for the Harvest acquisition was provided through a $97.5
million second lien senior note facility and a $25 million first lien
senior revolving credit facility. Pursuant to the terms of the second
lien note facility, Saratoga issued a warrant to purchase an aggregate
of 805,515 shares of common stock at $0.01 per share.

Macquarie Americas Corp., a wholly-owned subsidiary of Macquarie
Group (ASX: MQG), received 3,300,000 of the shares of common stock
issued pursuant to the acquisition, or approximately 20.8 % of the
outstanding shares following the acquisition.

Thomas Cooke, Chairman and CEO of Saratoga, stated, "We are
extremely pleased to have completed the Harvest acquisitions and
associated financing and look forward to continuing to develop what we
believe is a very promising portfolio of properties and a great first
step in implementing our plan to acquire, develop and operate
strategic oil and gas properties with unrealized value. Most of the
Harvest team will stay in Covington where we will grow our presence as
well as open an office in Houston."

About Saratoga Resources, Inc.

Saratoga Resources, Inc. is an energy development company directed
by a team of experienced industry professionals. Saratoga's focus is
on the acquisition, development and exploration of energy resources
while maintaining efficient operations and high environmental
standards.

The information in this release includes certain forward-looking
statements that are based on assumptions that in the future may prove
not to have been accurate. Those statements, and Saratoga Resources,
are subject to a number of risks, including Saratoga's ability to
successfully transition the control and operation of Harvest and its
properties, to fund operational overhead, to attract and retain key
personnel to support growth, and to acquire additional properties on
acceptable terms or at all as well as risks generally associated with
the oil and gas industry. These and other risks are described in the
company's documents and reports that are available from the company
and the United States Securities and Exchange Commission.

Saratoga Resources, Inc.
Thomas F. Cooke, 512-445-2301

Copyright Business Wire 2008