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 statements.
CONTACT: Media Contact:
Warren Resources, Inc.