Saratoga Resources, Inc.’s Rocky 3 Well Exceeds Expectations – Tests at Rate of over 1,500 Barrels of Oil Per Day

Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or “Saratoga”) today provided an update on its recent Rocky 3 horizontal development well in Breton Sound Block 32 field and recompletion in the QQ #24 well in Main Pass Block 47 field.

The SL 1227-29 “Rocky 3” well, in 14 feet of water depth, was spud on May 3^rd using the Parker 72B barge rig and reached a TD of 7,178’ MD/5,818’ TVD on May 15^th. The well was completed in the 5,800’ sand with a lateral displacement of 750 feet. The Rocky 3 well tested on May 30, 2014 at a gross equivalent rate of 1,531 barrels of oil per day (“BOPD”) and 240 thousand cubic feet of gas per day (“MCFPD”) , or net 1,288 barrels of oil equivalent per day (“BOEPD”), on 20/64” choke with flowing tubing pressure (“FTP”) of 780 psi. Oil gravity is 39.8 degrees API.

Magellan Announces Plans for Two UK Wells in 2014

DENVER, CO-- June 03, 2014 - Magellan Petroleum Corporation (MPET) ("Magellan" or the "Company") today announced plans for two exploration wells to be drilled during 2014 within the Company's license areas in the UK. The Company's partner Angus Energy ("Angus") has announced plans to spud in July 2014 an exploration well on the Horse Hill prospect located within the Petroleum Exploration and Development License ("PEDL") 137 area. Angus will carry 100% of Magellan's costs for this well, after which the Company will retain a 35% working interest in the well and the PEDL. Later in 2014, the Company plans to fund its 50% share of a well to be drilled by its partner Celtique Energie ("Celtique") at Broadford Bridge, located within the license area of PEDL 234.

About 4.4 billion barrels-worth of shale oil have been found in the ground beneath the south of England, according to a report published Friday by the British Geological Survey (BGS).

The study, commissioned by the Department for Energy and Climate Change and released this morning, says the huge oil reserves lie under the Weald Basin in Kent and parts of Sussex and Surrey.

How much of this is recoverable is not yet known — further drilling and testing of new wells will be needed to establish this, but the discovery is set to spark a new stage in the battle between environmentalists and energy firms over the controversial topic of fracking.

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Spartan Energy Corp. Announces Southeast Saskatchewan Asset Acquisition, Upward Revision to Guidance and $100 Million Equity Financing

CALGARY, ALBERTA-- Spartan Energy Corp. ("Spartan" or the "Company") (TSX VENTURE:SPE) is pleased to announce a strategic southeast Saskatchewan light oil acquisition (the "Acquisition"). Spartan has entered into a definitive purchase and sale agreement to acquire properties from an arm's length oil and gas producer for consideration of $98 million. The assets to be acquired pursuant to the Acquisition (the "Assets") are currently producing approximately 1,000 boe/d of high netback, low decline light and medium oil and are complementary to Spartan's existing southeast Saskatchewan assets.

As a result of the Acquisition, Spartan is revising upward our 2014 guidance, as detailed below.