Profile: Warren Resources Inc (WRES.OQ)

WRES.OQ on NASDAQ Stock Exchange Global Select Market

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Warren Resources, Inc., incorporated on May 20, 2004, is an energy company engaged in the exploration, development and production of domestic onshore crude oil and gas reserves. The Company focuses on the exploration and development of its waterflood oil recovery properties in the Wilmington field within the Los Angeles Basin of California, the Marcellus Shale in northeastern Pennsylvania and its coalbed methane (CBM), natural gas properties located in the Rocky Mountain region. As of December 31, 2014, the Company owned natural gas and oil leasehold interests in approximately 113,307 gross (84,240 net) acres, approximately 70% of which are undeveloped. All its undeveloped acreage is located in the Rocky Mountains. The Company has identified approximately 140 gross drilling locations in its Wilmington field units. Additionally, it has identified approximately 140 gross drilling locations on its acreage in the Rocky Mountains, primarily on 80-acre well spacing and 74 gross drilling locations in the Marcellus Shale. As of December 31, 2014, the Company had interests in 529 gross (366 net) producing wells and is the operator for 93% of these wells.

California Projects

The Company's Wilmington Townlot Unit (WTU) is located in the Wilmington field within the Los Angeles Basin of California. As of December 31, 2014, the WTU, a unitized oil field consisting of 1,440 gross (1,424 net) acres, has produced more than 149 million barrels of oil from primary and secondary production. The Company owns an approximate 98.9% undivided working interest in the WTU.

The North Wilmington Unit (NWU) is located in the Wilmington oil field adjacent to the WTU. All working interests in the NWU are subject to the terms and provisions of a unit operating agreement. The Company owns a 100% working interest and an approximate 84.7% net revenue interest in the NWU, including existing wells, certain equipment and certain surface properties.

Pennsylvania Marcellus Project

The Pennsylvania properties consist of a concentrated, contiguous acreage position located in Wyoming County, Pennsylvania in the northeast portion of the Marcellus Shale. The Company operates approximately 6,512 gross (5,289 net) acres in the Marcellus Shale. It holds an approximate 75% working interest and an approximate 60% net revenue interest in these Marcellus assets. The assets include an infrastructure system that enables the Company to develop the Marcellus assets, including a gathering and compression system, takeaway capacity to end markets, a local customer and water supply.

Rocky Mountain Projects in the Washakie Basin

The Washakie Basin is located in the southeast portion of the Greater Green River Basin in southwestern Wyoming. As of December 31, 2014, the Company owned 96,945 gross (73,825 net) acres prospective for CBM development in this area, of which 53,313 net acres were undeveloped. This area contains approximately 140 gross identified drilling locations primarily on 80-acre well spacing. In addition to this acreage, the Company owns the rights to drill and develop the deeper, conventional formations (deep rights) in some of the acreage in the Atlantic Rim area. The Company owns approximately 60,422 gross (50,971 net) undeveloped acres of deep rights inside the Spyglass Hill Unit, and approximately 12,790 gross (8,099 net) undeveloped acres of deep rights outside the Spyglass Hill Unit, for a total of 73,212 gross (59,070 net) undeveloped acres in the entire Atlantic Rim area. It has 299 gross (177 net) producing wells in the Washakie Basin. It has identified 140 additional drilling locations in its assets in the basin.

The Company's Atlantic Rim project comprises approximately 96,268 gross (73,355 net) acres on the eastern rim of the Washakie Basin. As of December 31, 2014, the Company had drilled a total of 441 wells. It is developing its acreage in the Atlantic Rim project within the Spyglass Hill Unit. The Spyglass Hill Unit in the Atlantic Rim area. The Spyglass Hill Unit covers approximately 97,000 gross acres and all additional leases in the southern portion of the project area.

Company Address

Warren Resources Inc

1114 Avenue of the Americas Fl 3
NEW YORK   NY   10036-7703
P: +1212.6979660
F: +1212.6979466

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