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Warren Resources, Inc. Announces Completion of Secondary Offering and Exercise of Over-Allotment Option

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 stock.

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 10012.

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.

Forward-Looking Statements

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 (

SOURCE: Warren Resources, Inc.

Warren Resources, Inc.        
489 Fifth Avenue              
New York, NY 10017            
Investor Relations:
Integrated Corporate Relations         
Kathleen Heaney, 212-753-2137
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