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Last $0.48 USD
Change Today +0.0537 / 12.49%
Volume 2.4M
WRES On Other Exchanges
Symbol
Exchange
Berlin
NASDAQ GS
As of 8:10 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

warren resources inc (WRES) Snapshot

Open
$0.43
Previous Close
$0.43
Day High
$0.52
Day Low
$0.43
52 Week High
09/3/14 - $6.59
52 Week Low
08/24/15 - $0.35
Market Cap
39.3M
Average Volume 10 Days
849.1K
EPS TTM
$-0.18
Shares Outstanding
81.2M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for WARREN RESOURCES INC (WRES)

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warren resources inc (WRES) Details

Warren Resources, Inc., an independent energy company, engages in the exploration, development, and production of domestic onshore crude oil and gas reserves. The company primarily focuses on the exploration and development of waterflood oil recovery projects in the Wilmington field within the Los Angeles Basin of California; Marcellus Shale project in northeastern Pennsylvania; and coalbed methane natural gas properties located in the Rocky Mountain region. As of December 31, 2014, it owned natural gas and oil leasehold interests in approximately 113,307 gross acres; and had estimated net proved reserves of 71.3 million barrels of oil equivalent. Warren Resources, Inc. was founded in 1990 and is based in New York, New York.

87 Employees
Last Reported Date: 03/11/15
Founded in 1990

warren resources inc (WRES) Top Compensated Officers

Interim Chief Executive Officer and Director
Total Annual Compensation: $37.6K
Chief Financial Officer and Vice President
Total Annual Compensation: $349.5K
Vice President of Operations and General Mana...
Total Annual Compensation: $346.0K
Senior Vice President, General Counsel and Co...
Total Annual Compensation: $287.1K
Vice President of Corporate Development
Total Annual Compensation: $290.4K
Compensation as of Fiscal Year 2014.

warren resources inc (WRES) Key Developments

Warren Resources, Inc. Announces Initial Results from Well Completion Operations in the Upper Marcellus Formation

Warren Resources Inc. announced initial results from its well completion operations in the Upper Marcellus formation, located within its acreage block in Wyoming County, Pennsylvania. The company successfully drilled and set pipe for two Upper Marcellus wells in the first quarter of 2015, and completion operations commenced in July 2015. The two Upper Marcellus wells have been flowing back for approximately two weeks and the current combined daily production rate is 17 MMcf per day with 3% of flowback load recovered. The wells are drilled from Warren's Mirabelli and Ruark pads. A successful test of the Upper Marcellus could potentially add over 40 additional well locations on Warren's acreage block. No reserves were booked at year end 2014 for the Upper Marcellus locations. The company's drilling and completion efforts highlighted some attractive features of the Upper Marcellus formation in its acreage block. It is 180 feet thick, compared to the Lower Marcellus in the same area measuring 120 feet in thickness. Offset Lower Marcellus wells were monitored during fracturing operations and indicated no communication with the Upper Marcellus. The company believes production rates and reserves associated with these wells will be 100% accretive. In addition, the company has the advantage of having pipeline infrastructure and pads already in place to support the drilling of additional wells in the Upper Marcellus, thereby eliminating time consuming infrastructure projects, and providing economic returns at lower realized gas prices.

Warren Resources Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for the Third Quarter Ending September 30, 2015; Provides Production and Capital Expenditure Guidance for the Year Ending December 31, 2015; Reports Impairment for the Second Quarter Ended June 30, 2015

Warren Resources Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's total revenues were $26,217,000 against $34,994,000 a year ago. Loss from operations was $93,596,000 against income of $10,833,000 a year ago. Loss before taxes was $85,260,000 against income of $10,748,000 a year ago. Net loss was $85,276,000 against income of $10,754,000 a year ago. Net loss applicable to common stockholders was $85,278,000 or $1.05 basic and diluted per share against income of $10,752,000 or $0.15 basic and diluted per share a year ago. Adjusted net income was $2,735,000 or $0.03 diluted per share against $11,047,000 or $0.15 diluted per share a year ago. Net cash provided by operating activities was $7,003,000 against $23,860,000 a year ago. Discretionary cash flow was $8,105,000 or $0.10 basic and diluted per share against $22,051,000 or $0.30 diluted per share a year ago. Capital additions for the three months ended June 30, 2015 were approximately $4.1 million, compared to $7.9 million in first quarter 2015) and consisted of $2.9 million in drilling and development costs for the Marcellus Assets and $1.2 million for facilities in its California properties. For the six months, the company's total revenues were $51,995,000 against $69,196,000 a year ago. Loss from operations was $194,490,000 against income of $20,648,000 a year ago. Loss before taxes was $187,539,000 against income of $18,950,000 a year ago. Net loss was $187,547,000 against income of $18,964,000 a year ago. Net loss applicable to common stockholders was $187,552,000 or $2.31 basic and diluted per share against income of $18,959,000 or $0.26 basic and diluted per share a year ago. Net cash provided by operating activities was $12,995,000 against $39,351,000 a year ago. Discretionary cash flow was $16,137,000 or $0.20 diluted per share against $40,372,000 or $0.55 diluted per share a year ago. Net oil production for the second quarter of 2015 was 250 Mbbls (2,747 Bbls/d), compared to 281 Mbbls (3,087 Bbls/d) in the second quarter of 2014. The average realized price per barrel of oil for the three months ended June 30, 2015 and 2014 was $50.78 and $97.59, respectively. Natural gas production was 7.7 billion cubic feet for the quarter which also was at the high end of range, and this was driven by the outperformance of wells in the Marcellus asset in Pennsylvania. Warren did not curtail any gas production in the Marcellus during the second quarter, but did curtail approximately 1.4 billion cubic feet in the first quarter of this year. Marcellus gas realizations averaged $1.58 per Mcf in the second quarter. The Company recorded an impairment of $83.5 million at June 30, 2015 relating to its ceiling test write down of oil and gas properties. This resulted from a significant drop in the PV10 value as determined For the year ending December 31, 2015, budgeted capital expenditures for 2015 remain at $21 million. the company expects production of Oil to be 900 MBbl to 1,000 MBbl. production of Gas to be 28,500 MMcf­ to 30,000 MMcf. Oil Equivalent to be 5,567 ­MBoe to 6,000 MBoe. Gas Equivalent to be 33,400 MMcfe­ to 36,000 MMcfe. For the third quarter ending September 30, 2015, the company expects production of Oil to be 235 MBbl to 255 MBbl. production of Gas to be 6,500 MMcf­ to 7,500 MMcf. Oil Equivalent to be 1,318 ­MBoe to 1,505 MBoe. Gas Equivalent to be 7,910 MMcfe­ to 9,030 MMcfe.

Warren Resources Announces Closing of 9.000% Senior Notes Exchange Offer

Warren Resources Inc. announced that it has completed its offer to exchange up to $230,410,000 aggregate principal amount of its 9.000% Senior Notes due 2022, which have been registered under the Securities Act of 1933, as amended (the "Exchange Notes"), for up to $230,410,000 million of its outstanding 9.000% Senior Notes due 2022, which were previously issued in a private placement (the "Private Notes"). The registered exchange offer, which expired at 5:00 p.m. Eastern Time on July 23, 2015, fulfilled the Company's obligations regarding the registration of the outstanding Private Notes. Pursuant to a registration rights agreement entered into by the Company in connection with the initial offering of the Private Notes, the Company agreed to file a registration statement with the Securities and Exchange Commission relating to the exchange offer and the Exchange Notes. The Company received and accepted tenders of approximately 99.96% of the Private Notes that were outstanding. The Exchange Notes contain substantially identical terms to the Private Notes.

 

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