NEW YORK--(BUSINESS WIRE)--Dec. 12, 2005--Warren Resources, Inc.
(NASDAQ: WRES), an oil and gas exploration and development company,
announced plans today to make a public offering of approximately
6,000,000 shares of its common stock. Warren has also granted the
underwriters an option to purchase up to an additional 900,000 shares
to cover over-allotments, if any.
Warren plans on using the net proceeds from this offering to fund
capital expenditures for the development and exploration of its oil
and natural gas properties and the development of associated
infrastructure, to make acquisitions, including its recently announced
$23 million acquisition of the North Wilmington Unit oil field in the
Los Angeles Basin of California, and for working capital and general
The offering and sale of all the shares will be made under Warren
Resources, Inc.'s currently effective shelf registration statement
filed with the Securities and Exchange Commission. Jefferies &
Company, Inc. is the sole book-running manager for the offering.
Sanders Morris Harris Inc. is the joint lead manager and Harris
Nesbitt Corp. is a co-manager for the offering.
Copies of the preliminary prospectus supplement and the
accompanying prospectus may be obtained from Jefferies & Company, Inc.
at 520 Madison Ave., 12th Floor, New York, New York 10012.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any shares of Warren Resources, Inc.'s
common stock, nor shall there be any sale of these securities in any
jurisdiction in which such an offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.
About Warren Resources
Warren Resources, Inc. is a growing independent energy company
engaged in the exploration and development of domestic natural gas and
oil reserves. Warren is primarily focused on the exploration and
development of coalbed methane properties located in the Rocky
Mountain region and its water flood oil recovery program in the
Wilmington Unit located in the Los Angeles Basin of California. The
Company is headquartered in New York, New York, and its exploration
and development subsidiary, Warren E&P, Inc., is based in Casper,
Wyoming and Long Beach, California
This press release contains 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 forward-looking
statements reflect our current views with respect to future events,
based on what we believe are reasonable assumptions. No assurance can
be given, however, that these events will occur, including the closing
of the above mentioned offering. These statements are subject to risks
and uncertainties that could cause actual results to differ
materially, including without limitation risks of declining oil and
gas prices, competition for prospects, accuracy of reserve estimates,
estimated rates of production, increases in drilling and lifting
costs, increases in equipment and supply costs and other factors
detailed in the Company's filings with the Securities and Exchange
Warren Resources, Inc., 489 Fifth Avenue, 32nd Floor, New York, NY
CONTACT: Integrated Corporate Relations
Kathleen Heaney, 212-753-2137
SOURCE: Warren Resources, Inc.