NEW YORK, NY, December 1, 2003 - The Board of Directors of Warren Resources, Inc. (Warren) has elected Chet Borgida, 58, retired senior partner of Grant Thornton LLP to Warren's Board of Directors.
Mr. Borgida's election was to fill a vacancy on the Board and to assure Warren's compliance with the recently enacted Sarbanes Oxley Act of 2003, which requires publicly reporting companies to have an independent “financial expert” on their audit committees. Immediately after being elected the Board appointed Mr. Borgida to Warren's Audit Committee. He is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants.
Mr. Borgida has more than 30 years of domestic and international management experience in auditing and advising retail, distribution and media businesses. He was a senior partner at Grant Thornton LLP, Warren's independent auditors, for 24 years. While at Grant Thornton LLP Mr. Borgida had no involvement in the review or preparation of Warren's audited financial statements. Most recently from 2001 to 2003, Mr. Borgida has been a Senior Vice-President and Chief Financial Officer of Cross Media Marketing Corporation. Mr. Borgida is also a director and member of the audit committees of Brand Partners Group, Inc., and Correctional Services Corporation, both Nasdaq listed companies. He was graduated from Hunter College with a Bachelor Degree in Business Science in 1967.
"We are delighted to welcome Chet Borgida to our Board of Directors," said Norman F. Swanton, chairman and chief executive officer of Warren. "Chet ideally qualifies as a financial expert under the Security and Exchange Commission's new regulations under the recent Sarbanes Oxley Act. Additionally, Mr. Borgida's record of auditing highly recognized retail, distribution and media businesses and his unique blend of domestic and international credentials will further strengthen Warren's board. We are delighted to have a person of Mr. Borgida's financial caliber as part of the Warren Board."
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Warren Resources, Inc. is an independent energy company engaged in the acquisition, exploration, development, production and operation of natural gas and oil properties. 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 is available at www.warrenresourcesinc.com.