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Warren Resources Declares Preferred Stock Dividend

NEW YORK, NY-- May 21, 2003--The Board of Directors of Warren Resources, Inc., meeting today, declared a quarterly dividend of 24 cents a share on the company's 8% cumulative convertible preferred stock for the second quarter of 2003.

The 24-cent dividend is payable July 15, 2003 to preferred stockholders of record at the close of business on June 30, 2003.

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