The SEC has opened a new Section 12(j) administrative proceeding against Saratoga Resources, Inc. after the Texas oil-and-gas issuer stopped filing periodic reports following its Form 10-K for the year ended December 31, 2021. The case stands out because Saratoga had already been named in an earlier SEC delinquent-filing proceeding in 2018. The 2026 action therefore reflects more than a single missed-reporting cycle: it shows an issuer returning to the Commission's Section 12(j) process years after an earlier regulatory intervention. The SEC now states that Saratoga's common stock is no longer publicly quoted or traded.
U.S. Securities and Exchange Commission (SEC)
Official Release: https://www.sec.gov/files/litigation/admin/2026/34-106273.pdf
NEWS:
The U.S. Securities and Exchange Commission instituted administrative proceedings against Saratoga Resources, Inc. on September 3, 2026 pursuant to Section 12(j) of the Securities Exchange Act of 1934. The Commission identifies Saratoga, CIK No. 1096339, as a Texas corporation located in Austin, Texas with securities registered under Section 12(g). According to the SEC, Saratoga has not filed any periodic report since submitting a Form 10-K for the period ended December 31, 2021. Unlike several delinquent issuers whose securities continue to receive unsolicited OTC quotations, the Commission specifically states that Saratoga's common stock is not publicly quoted or traded.
Saratoga's regulatory history makes the 2026 proceeding more significant. The company was already included in a separate SEC Section 12(j) proceeding opened on September 6, 2018 alongside Petron Energy II, Saga Energy and U.S. Precious Metals. That earlier action also focused on delinquent periodic reporting. SEC records from that proceeding show that Saratoga was served with the 2018 Order Instituting Proceedings, meaning the company had previously been formally placed into the Commission's delinquent-filer enforcement process. The new 2026 proceeding therefore represents a second distinct regulatory cycle rather than Saratoga's first encounter with Section 12(j).
Historical filings identify Saratoga as an oil-and-gas company whose public-company history stretches back many years. Earlier SEC records show principal executive offices in Texas and a longstanding Exchange Act reporting file. That history makes the current disclosure gap particularly notable: this is not a newly registered shell that failed to begin reporting, but an established reporting issuer whose SEC record again became inactive after years of filings. The Commission's September 2026 order alleges repeated failure to meet periodic reporting obligations and states that Saratoga failed to heed a delinquency letter from the Division of Corporation Finance, or may not have received the letter because it failed to maintain a valid address with the Commission.
For investors and researchers, Saratoga illustrates why historical regulatory continuity matters. A company can have a long EDGAR history and still experience repeated breakdowns in its reporting obligations. Here, the important due-diligence question is not simply whether a Form 10-K once existed, but whether the issuer remained current after previous regulatory intervention. The SEC's September 3 order begins a new administrative process that could result in suspension or revocation of the securities registration; it does not itself announce that registration has already been revoked. Saratoga's lack of current public trading reduces one form of immediate market exposure, but the repeated Section 12(j) history remains material when evaluating the issuer's regulatory record.
KEY POINTS:
- The SEC instituted a new Section 12(j) proceeding against Saratoga Resources, Inc. on September 3, 2026.
- The 2026 matter is Exchange Act Release No. 106273 and Administrative Proceeding File No. 3-22700.
- Saratoga's CIK is 1096339.
- The SEC identifies the company as a Texas corporation located in Austin, Texas.
- Saratoga has not filed a periodic report since its Form 10-K for the year ended December 31, 2021.
- The SEC states that Saratoga's common stock is not publicly quoted or traded.
- Saratoga had already been named in a separate SEC Section 12(j) delinquent-filing proceeding in September 2018.
- SEC records show the company was served with the earlier 2018 Order Instituting Proceedings.
- The 2026 action therefore represents a second distinct Section 12(j) regulatory cycle involving the issuer.
- The Commission alleges repeated failure to satisfy periodic reporting requirements and a failure to heed a delinquency letter, or a possible failure to receive it because a valid address was not maintained.
- The September 3 order starts the administrative process; it is not itself a final order revoking Saratoga's securities registration.