Warren Resources Announces 2012 Production and Reserves and Provides 2013 Capital Budget

Warren Resources Announces 2012 Production and Reserves and Provides 2013
Capital Budget

NEW YORK, Feb. 6, 2013 (GLOBE NEWSWIRE) -- Warren Resources, Inc. ("Warren" or
the "Company") (Nasdaq:WRES) today announced 2012 estimated proved oil and gas
reserves, 2012 production and provided its 2013 capital budget.

2012 Production

Warren's 2012 net oil and gas production was 2,028,000 barrels of oil
equivalent ("BOE"), or an average of 5,541 BOE per day. Oil production for
2012 totaled 1,109,000 net barrels, or an average of 3,030 barrels of oil per
day ("BOPD"). This represents a 22% increase from the 911,000 net barrels of
oil produced in 2011. Warren produced 5.5 billion cubic feet ("Bcf") net of
natural gas in 2012, compared to 5.0 Bcf net of natural gas in 2011. The 2012
year-end oil production exit rate was 3,574 gross (2,910 net) BOPD, compared
to compared to a year-end 2011 exit rate of 3,475 gross (2,830 net) BOPD. The
2012 year-end gas production exit rate was 53,800 gross (20,600 net) million
cubic feet per day ("Mmcfd"), compared to a 2011 year-end exit rate of 61,800
gross (14,200 net) Mmcfd.

Warren's total fourth quarter 2012 net oil and gas production was 580,000 BOE,
or an average of 6,303 BOE per day. Oil production for the fourth quarter of
2012 totaled 273,000 net barrels, or an average of 2,966 BOPD. This represents
an 11% increase from the 247,000 net barrels of oil produced in the fourth
quarter of 2011.The Companyproduced 1.8 Bcf net of natural gas in the fourth
quarter of 2012, compared to 1.3 Bcf net of natural gas in the fourth quarter
of 2011.

"Warren's 2012 production of both oil and gas represented solid growth over
2011," said Philip A. Epstein, Chairman and CEO. "In addition, Warren elected
to not drill in California during the fourth quarter of 2012, while we learned
from new well performance and planned our best wells for 2013. Our 2012
California production results have demonstrated the reliable, long-lived
nature of our Wilmington oil assets, as reflected in the Company's 9.5%
increase in proved oil reserves for the year-end 2012. Our gas production and
reserves benefited from a timely, lower cost acquisition from Anadarko
Petroleum in our south Wyoming Atlantic Rim coalbed methane
project,"commentedMr. Epstein. "In California, we invested in significant
facility upgrades during 2012 that will allow for planned oil production
expansion in both our Wilmington oil field units. In Wyoming, we assumed
operatorship of the Spyglass Hill Unit and are now planning cost savings and
operational efficiencies. We are also continuing to evaluate the best options
for our deep rights and natural gas assets in Wyoming."

Total Proved Reserves

Warren reported that its estimated proved oil and gas reserves totaled 24.9
million barrels of oil equivalent ("MMboe") for year-end 2012 and increased
approximately 12% from the 22.3 MMboe at December 31, 2011. Total proved
reserves for 2012 were 66% crude oil in California and 34% natural gas in
Wyoming. 67% of total reserves were proved developed producing (""PDP") and
proved developed nonproducing ("PDNP") and 33% were proved undeveloped
("PUD").

The estimated present value of the Company's oil and gas reserves at year-end
2012, discounted at 10% per annum and before the impact of income taxes
("PV-10") was $495 million, compared to $526 million for year-end 2011.

Proved Oil Reserves

Warren's year-end 2012 oil reserves in California increased 9.5% to 16.4
million barrels of oil ("MMbo"), compared to 15.0 MMbo at year-end 2011. An 18
well 2012 drilling program combined withthe Company's2012 geological and
engineering work in the Wilmington Townlot Unit ("WTU") in California resulted
in a new oil reserve additions to production replacement ratio of 228%.

The 2012 production results and developmentprogram in California resulted in
PDP reserves of 8.0 MMbo in comparison to 8.2 MMbo last year, reflecting 2012
production of 1.1 MMbo, additions from newly drilled oil wells of 2.7 MMbo,
and 0.2 MMbo of negative revisions.Oil reserves now include 8.3 MMbo in PUDs
with 75 drilling locations, having a projected development cost of about $26
per barrel of oil. PDP oilreserves declined by 3% and PUD reserves increased
by 26% over year-end 2011 levels. At year-end 2012, PDP oil reserves were 49%
of total oil proved reserves, compared to 55% for 2011.

The PV-10 of the Company's oil reserves at December 31, 2012 was $476 million,
compared to $499 million at year-end 2011. The Securities and Exchange
Commission ("SEC") rules require that the proved reserve calculations be based
on the first of the month average prices over the preceding twelve months. For
the year-end 2012 reserve evaluation, this 12 month calculation resulted in an
average realized price of $104.27 per barrel of oil for 2012, compared to
$104.47 per barrel of oil for 2011.

Proved Natural Gas Reserves

Warren's proved natural gas reserves, which are comprised of properties in
Wyoming, New Mexico and Texas, increased 17% to 8.54 MMboe in 2012, compared
to 7.31 MMboe at December 31, 2011. The PV-10 of the Company's natural gas
reserves at December 31, 2012 was $19.1 million, compared to $27 million at
year-end 2011. The revisions are due to: (1) decline in realized pricing and
increased transportation costs, (2) changes to operator development plans, and
(3) adjustments to production type curves. For the year-end 2012 reserve
evaluation, the realized natural gas price was $2.51 per Mcf in 2012, compared
to $3.21 per Mcf in 2011. In Wyoming, PDP and PDNP reserves are 100% of the
proved gas reserves for 2012 compared to 65% for 2011.

Warren's estimated proved reserves at December 31, 2012 and 2011 were prepared
by the independent reserve engineering firm Netherland, Sewell & Associates,
Inc. in accordance with SEC guidelines. Warren's reported reserve estimates do
not include any probable or possible reserves.

SUMMARY OF CHANGES IN PROVED RESERVES
(in MMboe)
                          Oil   Natural
                                 Gas
                               
Balance at 12-31-11:      15.0  7.3
Additions / extensions     2.7   0.4
Revisions:                 (0.2) (1.6)
Production:                (1.1) (1.0)
Purchases and Divestments: 0     3.4
Balance at 12-31-12:       16.4  8.5

Capital Spending Plan for 2013

The Company intends to fund 2013 capital expenditures primarily with cash flow
from operations. Based on the 2013 commodity price outlook and hedge
positions,the Company forecasts a 2013 capital expenditure budget of
approximately $57.9 million, consisting of $52.6 million for California oil
drilling activities and $5.3 million for Wyoming. The Company may adjust its
2013 capital expenditures budget for Wyoming after it completes its evaluation
of the deeper rights, including Niobrara oil potential and natural gas
pricing. The amount and allocation of actual capital expenditures excludes
capital expenditures for any acquisitions and will depend on a number of
factors, including oil and gas prices, regulatory and environmental approvals,
agreements among various working interest owners, drilling and service costs,
timing of drilling wells, variances in forecasted production and acquisition
opportunities. The above forecasted capital expenditures do not include
acquisition capital.

During 2013, Warren plans to drill 3 Tar horizontal producers, 5 Upper
Terminal sinusoidal producers, and 5 Ranger sinusoidal producers in the WTU.
Additionally, Warren plans to drill 3 Ranger sinusoidal water injectors in the
WTU. In the North Wilmington Unit("NWU"),the Companyplans to drill 4
sinusoidal producers in the Ranger formation and 3 sinusoidal injectors in
2013.

The 2013 WTU capital budget consists of $28.1 for drilling and $5.3 million
for facilities improvements and other infrastructure costs. Warren plans to
spend approximately $11.6 million for drilling and $4.6 million on
infrastructure improvements in the NWU in 2013. Additionally, the Company will
be performing 3-D seismic mapping of the WTU and NWU geological formations at
a budgeted cost of approximately $3.0 million.

The information in this release is unaudited and subject to revision. Audited
and final results will be provided in our Annual Report on Form 10-K for the
year ended December31, 2012 currently planned to be filed with Securities and
Exchange Commission in early March 2013.

About Warren Resources

Warren Resources, Inc. is an independent energy company engaged in the
exploration, development and production of domestic 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.

Forward-Looking Statements

This press 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. Forward-looking statements relate to future events and
anticipated results of operations, business strategies, and other aspects of
our operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate," "estimate,"
"believe," "continue," "could," "intend," "may," "plan," "potential,"
"predict," "should," "will," "expect," "objective," "projection," "forecast,"
"goal," "guidance," "outlook," "effort," "target" and other similar words.
However, the absence of these words does not mean that the statements are not
forward-looking. Where, in any forward-looking statement, the Company
expresses an expectation or belief as to future results, such expectation or
belief is expressed in good faith and believed to have a reasonable basis.
However, there can be no assurance that such expectation or belief will result
or be achieved. A number of factors can and will cause actual results to
differ materially from the projections, anticipated results or other
expectations expressed in this release. Some factors that could cause actual
results to differ materially from those in the forward-looking statements,
include, but are not limited to, changes in oil and gas prices, changes in
expected levels of oil and gas reserve estimates and production estimates, the
timing and results of drilling and other development activities, governmental
and environmental regulations and permitting requirements and delays, the
availability of capital and credit market conditions, unsuccessful exploratory
activities, planned capital expenditures, unexpected cost increases, delays in
completing production, treatment and transportation facilities, the
availability and cost of obtaining equipment and technical personnel,
operating hazards, risks associated with the availability of acceptable
transportation arrangements, unanticipated operational problems, potential
liability for remedial actions under existing or future environmental
regulations, changes in tax, environmental and other laws applicable to our
business as well as general domestic and international economic and political
conditions. All forward-looking statements are made only as of the date hereof
and, unless legally required, the Company undertakes no obligation to update
any such statements, whether as a result of new information, future events or
otherwise. The reserve replacement ratio and finding and development cost per
unit are statistical indicators that have limitations, including their
predictive and comparative value. The oil reserve replacement ratio is
calculated by dividing production for the year into the total of proved
extensions, discoveries and revisions added as shown in the table. As an
annual measure, the reserve replacement ratio can be limited because it may
vary widely based on the extent and timing of new discoveries and the varying
effects of changes in prices and well performance. In addition, since the
reserve replacement ratio and finding and development cost per unit do not
consider the cost or timing of future production of new reserves, such
measures may not be an adequate measure of value creation. These reserves
metrics may not be comparable to similarly titled measurements used by other
companies. Further information on risks and uncertainties that may affect
Warren's operations and financial performance, and the forward-looking
statements made herein, is available in the Company's filings with the
Securities and Exchange Commission (www.sec.gov), including its Annual Report
on Form 10-K under the headings "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and in other
public filings and press releases.

CONTACT: Media Contact:
         David Fleming
         212-697-9660

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