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"I sit here and I sort am of suffering some cognitive dissonance. We see natural gas - spot natural gas prices at 52-week highs. We see Louisiana Light Sweet, Brent sitting at fairly healthy levels, yet your share price is hitting a new 52-week low." This was an observation from Richard Safranek of Wafra Investment Advisory Group, Inc. during Saratoga Resources, Inc.'s (SARA) 4Q13 earnings call. Before providing more background about SARA's stock price decline by about 75% since 12/28/11, here is an overview of how the company makes money.

SARA is an independent oil and natural gas exploration and production (E&P) company listed on the NYSE with a market capitalization of about $51MM and an...

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