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Warren Resources Completes Reincorporation

NEW YORK - September 10, 2002 - Warren Resources, Inc. announced that it has completed its reincorporation from a New York corporation to a Delaware corporation. The reincorporation was approved by the shareholders of Warren Resources at the Special Meeting of shareholders held on September 5, 2002.

The reincorporation changes the legal domicile of Warren Resources but will not result in any change in Warren Resources' business, management, employees, fiscal year, assets or liabilities, location of any facilities and will not result in any relocation of management or other employees.

As part of the reincorporation, each share of the New York corporation was automatically converted into one share of the Delaware corporation. It is not necessary for shareholders to exchange their existing stock certificates for stock certificates of the Delaware corporation.

Warren Resources is an independent energy company engaged in the acquisition, exploration, development, production and operation of natural gas and oil properties. Warren Resources is one of the leading developers of coalbed methane reserves in the Rocky Mountain region. 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.

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.

Warren Resources, Inc.
489 Fifth Avenue
32nd Floor
New York, NY 10017
(212) 697-9660