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Warren Resources Announces Filing of Universal Shelf Registration

NEW YORK, March 20, 2009 (GLOBE NEWSWIRE) -- Warren Resources, Inc. (Nasdaq:WRES) announced that it has filed a universal shelf registration statement with the Securities and Exchange Commission ("SEC") to replace its previous shelf registration statement, which expired in December 2008.

If and when the registration statement is declared effective by the SEC, the Company may, from time to time, issue up to an aggregate of $200 million of equity, debt or other types of securities through one or more methods of distribution. Although the Company does not have any current commitments or intentions to sell securities, the terms of any future offering would be established at the time of offering subject to market conditions. Any offering of securities covered by the universal shelf registration statement will be made only by means of a written prospectus and prospectus supplement.

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

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 from the projections, anticipated results or other expectations expressed in this news release. See "Risk Factors" in the Company's Annual Report on Form 10-K, our Quarterly Reports on Forms 10-Q and other public filings with the Securities and Exchange Commission (www.sec.gov).

About Warren Resources

Warren Resources, Inc. is an independent energy company engaged in the exploration and development of domestic oil and natural gas reserves. Warren's activities are primarily focused on oil in the Wilmington field in California and coalbed methane properties in the Washakie Basin in Wyoming. The Company is headquartered in New York, New York, and its exploration and development subsidiary, Warren E&P, Inc., has offices in Casper, Wyoming and Long Beach, California.

CONTACT:  Warren Resources, Inc.
          Media Contact:
          David Fleming
          (212) 697-9660