Warren Resources Announces Borrowing Base is Increased to $140 Million After
Fall 2012 Redetermination
NEW YORK, Dec. 26, 2012 (GLOBE NEWSWIRE) -- Warren Resources, Inc.
(Nasdaq:WRES) announced today that the syndicate of lenders underwriting the
Company's $300 million senior secured credit facility ("Credit Facility") has
increased the conforming borrowing base to $140 million as a result of
completing the Fall 2012 semi-annual redetermination.
As of December 26, 2012, Warren has $99.5 million of debt outstanding under
its Credit Facility, leaving $40.5 million available. The next borrowing base
redetermination is scheduled for May 2013. The Company is in full compliance
with all of its debt covenants under the Credit Facility.
Timothy A. Larkin, Warren's Executive Vice President and Chief Financial
Officer, commented, "We appreciate the continuing support of our lenders and,
in particular, the efforts and commitment from our syndicate agent bank, the
Bank of Montreal."
About Warren Resources
Warren Resources, Inc. is an independent energy exploration, development and
production company that uses advanced technologies to explore, develop and
produce domestic on-shore oil and natural gas reserves. Warren's activities
are primarily focused on oil in the Wilmington field in California and natural
gas in the Washakie Basin in Wyoming.
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Warren believes that its expectations are based on
reasonable assumptions. No assurance, however, can be given that such
expectations will prove to have been correct. A number of factors could cause
actual results to differ materially and adversely from the projections,
anticipated results or other expectations expressed in this news release. See
"Risk Factors" in the company's 2011 Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and other public filings and press releases. Warren
undertakes no obligation to publicly update or revise any forward-looking
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