NEW YORK, Dec 27, 2005 (BUSINESS WIRE) -- Warren Resources, Inc. (NASDAQ:WRES), an oil and gas
exploration and development company, today announced that it has
completed a secondary offering of 6,000,000 shares of Common Stock at
a price to the public of $14.50 per share. Warren Resources also
announced that the underwriters have exercised their over-allotment
option in full to purchase an additional 900,000 shares of common
Jefferies & Company, Inc. was the sole book-running manager for
the offering with Sanders Morris Harris Inc. as the joint lead
manager. Harris Nesbitt Corp. was a co-manager for the offering.
Proceeds from the offering are expected to be approximately $94.8
million including the exercise of the over-allotment option after
deducting the underwriting discounts, commissions and the estimated
offering expenses. The Company intends to use the net proceeds of the
offering to fund the acquisition of the North Wilmington Unit oil
field in the Los Angeles Basin in California and capital expenditures
for drilling wells for 2006.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained from Jefferies &
Company, Inc. at 520 Madison Ave., 12th Floor, New York, New York
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 Washakie
Basin in the Rocky Mountain region of Wyoming and its water flood oil
recovery programs in the Wilmington Townlot Unit and North 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).
SOURCE: Warren Resources, Inc.
Warren Resources, Inc.
489 Fifth Avenue
New York, NY 10017
Integrated Corporate Relations
Kathleen Heaney, 212-753-2137