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Warren Resources Declares Quarterly Dividend on 8% Preferred Stock

NEW YORK, NY-- August 29, 2004--The Board of Directors of Warren Resources, Inc. has declared a quarterly dividend of 24 cents a share on the company's 8% cumulative convertible preferred stock for the third quarter of 2004.

The 24-cent dividend is payable on October 15, 2004 to preferred stockholders of record at the close of business on September 30, 2004.