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|Warren Resources Announces New Executive Appointments|
NEW YORK, Mar 4, 2011 (GlobeNewswire via COMTEX) -- Warren Resources, Inc. (Nasdaq:WRES) today announced that Mr. Stephen L. Heiter has been appointed Executive Vice President of the Company and Chief Executive Officer of Warren's principal operating subsidiary, Warren E&P, Inc., and Mr. Ronald J. Morin has been appointed Senior Vice President - Development.
Steve Heiter has nearly 40 years of production operations, drilling, and development experience. He began with Warren in April 2007 as Operations Manager for California. Mr. Heiter spent most of his career with Unocal Corporation, a NYSE listed, California-based oil and gas company that was acquired by Chevron for $18 billion. At Unocal, Steve held various operations roles including drilling, production, and asset management. In the Gulf of Mexico, he managed the development of an inland waters field that ultimately produced 125 MMCFD and was the most profitable field at Unocal. Steve was also responsible for onshore U.S. operations that included nine operating units with over 1,000 employees, and capital and expense budgets of $200 million. He also led Unocal's operations risk management efforts worldwide, leading to a significant reduction in losses over 5 years. Steve has also seen the oil business from the service company side at Halliburton, where as operations manager he worked directly with operators to improve offshore and onshore operations. Mr. Heiter received a Bachelor of Science degree in Mechanical Engineering in 1972 from the University of California, Santa Barbara.
Ron Morin joined Warren E&P in 2008 as Development Manager for California after 28 years with Unocal Corporation. At Unocal, Ron held various operations roles including asset management and reservoir, drilling and production engineering related to drilling programs in California and onshore Gulf of Mexico. Other roles held include acquisitions and divestments, strategic business planning, worldwide environmental, health, and safety management and investor relations. Ron led strategic planning and acquisitions for a $3 billion in revenue growth-oriented business unit, including capital allocation for a $250 million annual capital budget and over $200 million in acquisitions over four years. He also co-led Unocal's investor relations program, directing efforts with 35 analysts and 500 institutional investors. Mr. Morin received a Bachelor of Science degree in Chemical Engineering (Petroleum Engineering emphasis) in 1978 from The Ohio State University and a Master of Business Administration degree from Cornell University in 2001.
In making this announcement, Warren's Chairman and CEO, Norman F. Swanton, said, "We are extremely pleased and excited to have Steve Heiter and Ron Morin joining our executive officer team. Steve and Ron both bring to our executive management team a strategic perspective based on more than 70 years of combined wide-ranging experience with Unocal and other major companies focusing on domestic oil and gas operations. Their extensive experience in the planning and implementing of oil and gas drilling and production operations directly supports our corporate mission and growth strategy."
About Warren Resources
Warren Resources, Inc. is an independent energy company engaged in the exploration and development of domestic oil and natural gas reserves. Warren's activities are primarily focused on oil in the Wilmington field in California and natural gas in the Washakie Basin in Wyoming. The Company is headquartered in New York, New York, and its exploration and development subsidiary, Warren E&P, Inc., has offices in Casper, Wyoming and Long Beach, California.
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SOURCE: Warren Resources, Inc.
CONTACT: Warren Resources, Inc.