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Last $0.36 USD
Change Today -0.144 / -28.86%
Volume 1.0M
As of 8:10 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

warren resources inc (WRES) Key Developments

Warren Resources Inc. Provides Operational Guidance for the Second Quarter of 2015

The Warren Resources Inc. estimates that its oil production for the second quarter of 2015 was approximately 250,000 barrels (MBbl), which is at the upper end of the quarterly guidance range of 235,000 to 255,000 barrels. Oil production performed in line with the company's 1P reserve projections for this period. The Company also estimates that its gas production for the second quarter of 2015 was approximately 7.8 billion cubic feet (Bcf), which was also at the upper end of its quarterly guidance range of 7 billion cubic feet to 8 billion cubic feet.

Warren Resources Inc.(NasdaqGS:WRES) dropped from Russell 2000 Index

Warren Resources Inc. will be removed from Russell 2000 Index

Warren Resources Inc.(NasdaqGS:WRES) dropped from Russell 3000 Index

Warren Resources Inc. will be removed from the Russell 3000 Index.

Warren Resources, Inc. Receives A Deficiency Letter From The Listing Qualifications Department Of The NASDAQ Stock Market

On June 24, 2015, Warren Resources, Inc. received a deficiency letter from the Listing Qualifications Department of The NASDAQ Stock Market notifying the Company that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Global Market pursuant to NASDAQ Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until December 21, 2015, to regain compliance with the Rule. If, at any time before December 21, 2015, the bid price for the Company’s common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under Listing Rule 5810(c)(3)(A), the Staff will provide written notification to the Company that it complies with the Rule. If the Company does not regain compliance with the Rule by December 21, 2015, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would need to transfer the listing of its common stock to The NASDAQ Capital Market, provided that it meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement. If the Company does not regain compliance with the Rule by December 21, 2015 and is not eligible for an additional compliance period at that time, the Staff will provide written notification to the Company that its common stock may be delisted. At that time, the Company may appeal the Staff’s delisting determination to a NASDAQ Listing Qualifications Panel (“Panel”). The Company would remain listed pending the Panel’s decision. There can be no assurance that, if the Company does appeal the delisting determination by the Staff to the Panel, that such appeal would be successful.

Warren Resources, Inc. Announces 9.00% Senior Notes Exchange Offer Due 2022

Warren Resources Inc. announced that it has commenced a registered exchange offer to exchange up to $230,410,000 of its outstanding 9.00% Senior Notes due 2022, which were previously issued in a private placement, for an aggregate principal amount of up to $230,410,000 in new 9.00% Senior Notes due 2022, which have been registered under the Securities Act of 1933, as amended. The sole purpose of the exchange offer is to fulfill the Company's obligations with respect to the registration of the Private Notes. Pursuant to the registration rights agreement entered into by the Company in connection with the sale of the Private Notes, the Company agreed to file with the Securities and Exchange Commission a registration statement relating to an exchange offer pursuant to which Exchange Notes, containing substantially identical terms to the Private Notes, would be offered in exchange for Private Notes that are tendered by the holders of those notes. The Exchange Offer will expire at 5:00 p.m., New York City time, on July 22, 2015, unless extended.

 

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WRES:US $0.36 USD -0.144

WRES Competitors

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Company Last Change
Emerald Oil Inc $1.69 USD +0.01
Goodrich Petroleum Corp $0.90 USD -0.0038
Miller Energy Resources Inc $0.11 USD -0.1464
PostRock Energy Corp $2.17 USD -0.039
VAALCO Energy Inc $1.32 USD -0.11
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Industry Analysis

WRES

Industry Average

Valuation WRES Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.2x
Price/Book 0.2x
Price/Cash Flow NM Not Meaningful
TEV/Sales NM Not Meaningful
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