NEW YORK--(BUSINESS WIRE)--Dec. 19, 2005--Warren Resources, Inc.
(NASDAQ: WRES), an oil and gas exploration and development company,
today announced that the Bureau of Land Management's (BLM) Rawlins,
Wyoming field office posted the draft Environmental Impact Statement
(EIS) for the Atlantic Rim Coalbed Methane project (CBM) on its
website on December 9, 2005 and the official Federal Register Notice
was published on December 16, 2005.
Warren Resources, along with its partner Anadarko Exploration
Company and other operators, had notified the BLM that they propose to
explore and potentially develop coalbed natural gas in the Atlantic
Rim. The proposed Atlantic Rim CBM project area encompasses
approximately 270,080 acres. Warren Resources, along with its partner
Anadarko and other operators, plan to drill a maximum of 1,800 coal
bed natural gas and 200 conventional natural gas wells in the Atlantic
Rim. If approved, drilling in the Atlantic Rim could last for
approximately 20 years, with a total project lifespan of about 30 to
The EIS is now subject to public comment with the 60-day comment
period ending on February 17, 2006. A public hearing will be held in
Rawlins on February 2, 2006 but written comments on the draft EIS will
be accepted until February 17, 2005.
Norman Swanton, CEO stated, "We are encouraged that we are moving
closer to commencement of a broad scale development drilling program.
With this step by the BLM our timeline now envisions project approval
by late summer 2006. In addition, we are in the process of gearing up
the requisite resources to accelerate our exploitation program."
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. 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 Commission (www.sec.gov).
CONTACT: Warren Resources, Inc.
Kathleen Heaney, 212-753-2137
SOURCE: Warren Resources, Inc.