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|Warren Resources, Inc. Announces BLM Releases Draft EIS for Comment Atlantic Rim Coalbed Methane Project Moves Ahead|
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 50 years.
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. Investor Relations Kathleen Heaney, 212-753-2137 SOURCE: Warren Resources, Inc.