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Warren Resources Appoints Two New Senior Vice Presidents

NEW YORK, Jan. 23 /PRNewswire-FirstCall/ -- Warren Resources, Inc., a publicly reporting independent energy company, today announced that Kenneth A. Gobble has been appointed Senior Vice President – Exploration & Production and Ellis G. Vickers, Esq. has been appointed Senior Vice President – Land Management & Regulatory Affairs.

Kenneth A. Gobble will direct Warren Resources' domestic crude oil and natural gas exploration and production activities. Mr. Gobble has been serving as Vice President of Engineering for Petroleum Development Corporation (Pedco), a wholly owned subsidiary of Warren Resources. Prior to joining Pedco in 1996, Mr. Gobble had extensive experience with major service companies including Schlumberger Well Services. Additionally, Mr. Gobble has experience in numerous advanced applications for natural gas and oil drilling operations including logging-while-drilling, wire-line, gamma ray, 3-D seismic, horizontal drilling and coalbed methane development.

Mr. Gobble's appointment fills the exploration and production vacancy left by the death of James C. Johnson, Jr., who died unexpectedly on December 27, 2002 in a skiing accident in Santa Fe, New Mexico. Mr. Johnson was 48 years old and had been Warren Resources' Executive Vice President since September 2000. Johnson served as Pedco's President from 1998 until his death and its Vice President from 1978 until 1998.

Mr. Gobble received his Bachelor of Science Degree in Petroleum Engineering and a Bachelor of Science Degree in Mathematics from New Mexico Institute of Mining and Technology in 1986.

Ellis G. Vickers will direct Warren Resources' oil and gas land management and regulatory operations. Mr. Vickers will continue to serve as Senior Vice President and General Counsel of Pedco and as Associate General Counsel of Warren Resources which positions he assumed in September 2001. From 1995 through September 2001, Mr. Vickers practiced law with the New Mexico based law firm of Bozarth & Vickers. He focused his practice on corporate, securities, oil and gas, real estate and partnership law and is a New Mexico Board of Legal Specialization Recognized Specialist in Oil and Gas Natural Resources.

Mr. Vickers received his Bachelor of Science degree in Political Science, Summa Cum Laude, from Eastern New Mexico University in 1979 and a Juris Doctor from the University of New Mexico in 1982. He is admitted to practice law in the states of New Mexico and Texas.

Warren Resources' Chairman and Chief Executive Officer Norman F. Swanton has assumed the roles of Pedco's President and Chief Executive Officer on an interim basis. Mr. Swanton noted that "Jim Johnson leaves behind a strong legacy of successful innovation, and we are all grateful for his contribution to the company's impressive growth."

"Our corporate management team remains very strong, and is committed to carrying through on our vision of building Warren Resources into a national player in the coalbed methane exploration and production sector," states Mr. Swanton. "Jim left an impressive legacy and will be missed. Our strategic planning efforts, which began two years ago, addressed key corporate issues including executive succession plans, and Ken Gobble is clearly the best qualified choice to manage the company's oil and gas exploration and production activities."

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 project located in the Atlantic 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.

This news release includes 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. These statements are based on certain assumptions and analyses made by the Warren Resources in light of its experience, on general economic and business conditions and expected future developments, many of which are beyond the control of the Warren Resources. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil and gas, environmental risks, operating risks, risks related to exploration and development, the ability of the Warren to meet its stated business goals and other risk factors as described in the Warren Resources' 2001 Annual Report and Form 10-K as filed with the Securities and Exchange Commission. As a result of those factors, the Warren Resources' actual results may differ materially from those indicated in or implied by such forward-looking statements.