Oil and gas producer Saratoga Resources Inc. has filed for chapter 11 bankruptcy protection, citing operating issues, an arbitration award against the company and the sharp decline in energy prices, Dow Jones Newswires reported yesterday. Saratoga’s operation focuses on south Louisiana and the shallow Gulf of Mexico Shelf. The company said yesterday that it believes it has sufficient cash to operate in the immediate term without debtor-in-possession financing. Saratoga said many of the issues in its field operations have been resolved, and it has reduced costs to address the low-price environment. Saratoga previously filed for bankruptcy in 2009 and emerged in 2010. In April, the company said it was working with its secured lenders "to address liquidity issues with a view to either restructure or repay existing debt."
