New York, NY – March 17, 2004 – Warren Resources, Inc. (the “Company” or “Warren”) announced that the Board of Directors has appointed Mr. Lloyd Davies as Executive Vice President of the Company and Chairman and Chief Executive Officer of Warren's principal operating subsidiary, Warren E&P, Inc., based in Casper, Wyoming (“Warren E&P”). Mr. Davies joined Warren's Board of Directors in July 2001 and has served on the audit committee and compensation committee of the Board. From 1992 through 1994, Mr. Davies was the Assistant Division Manager for the Western U.S. operations for Texaco. Prior to that for 30 years, Mr. Davies was a Texaco senior engineer and served in various capacities including the Manager and Director of Operations for Texaco's Far East Operations Division. During those years, he also served on several of Texaco's subsidiaries' board of directors in the Far East. Mr. Davies received a Bachelor of Science Degree in Petroleum Engineering from the University of Oklahoma in 1958. In 1966, he received a Master of Science Degree in Petroleum Engineering with a Minor in Math from the University of Texas.
Additionally, Timothy A. Larkin was appointed Executive Vice President and Chief Financial Officer of Warren. Mr. Larkin has been the Company's Senior Vice President and Chief Financial Officer since January 1995. Kenneth Gobble was appointed President and Chief Operating Officer of Warren E&P. Mr. Gobble had been Senior Vice President - Exploration and Production for Warren and Warren E&P since 1999.
The board of directors also appointed Stewart Skelly as Warren's Vice President and Controller. Mr. Skelly has been Warren's Controller since 2002. Additional appointments for Warren E&P were Mr. Kevin McCormick was elected as Vice President and Chief Financial Officer, Mr. Bill Lee as Vice President – Drilling and Engineering and Mr. Ron Hedlund as Vice President - Land Management.
Warren's Chairman and CEO Norman F. Swanton stated, “Lloyd Davies brings to our executive management team a strategic perspective based on 35 years of wide-ranging experience with Texaco encompassing both domestic and international oil and gas operations. Lloyd's management responsibilities for Texaco in the Rocky Mountains and California are particularly relevant to Warren's current focus on developing its large coalbed methane holdings in the Rockies and water flood operations in California. These appointments will enhance our ability to carry through our vision of building Warren Resources into a national player in the coalbed methane exploration and production sector.”
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Warren is an independent energy company engaged in the acquisition, exploration, development, production and operation of natural gas and oil properties. Warren is a leading developer of coalbed methane reserves in the Rocky Mountain region. Warren's current operations are principally focused on developing and expanding its coalbed methane projects located in the Atlantic Rim and Pacific Rim of the Washakie Basin in southwest Wyoming and the Powder River Basin in northeastern Wyoming. Warren also has interests in the Wilmington oil field located in the Los Angeles Basin, in southern California. More information on Warren is available at www.warrenresourcesinc.com.