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Warren Resources Announces Fourth Quarter and Year-End 2004 Results

NEW YORK, March 2 /PRNewswire-FirstCall/ -- Warren Resources, Inc. (Nasdaq: WRES) ("Warren" or the "Company") today announced its 2004 fourth quarter and full-year financial and operating results. The Company reported a net loss applicable to common stockholders (after preferred stock dividends of $6.6 million) for the year ended December 31, 2004 of $16.6 million or $0.84 per share based on 19.7 million weighted average common shares outstanding as compared to a net loss (after preferred stock dividends of $4.6 million) of $5.8 million or $0.34 per share for 2003. At December 31, 2004 the Company had 34.3 million shares of common stock outstanding.

For the full text of this release and associated financial tables,
please refer to the 8-K filed with the SEC on March 2nd, 2005.