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News Breaks
February 6, 2013
09:29 EDTWRESWarren Resources reports FY12 proved oil reserves up 9.5% to 16.4 MMbo
Warren's year-end 2012 oil reserves in California increased 9.5% to 16.4 million barrels of oil, or MMbo, compared to 15.0 MMbo at year-end 2011. An 18 well 2012 drilling program combined with the company's 2012 geological and engineering work in the Wilmington Townlot Unit in California resulted in a new oil reserve additions to production replacement ratio of 228%. The 2012 production results and development program in California resulted in PDP reserves of 8.0 MMbo in comparison to 8.2 MMbo last year, reflecting 2012 production of 1.1 MMbo, additions from newly drilled oil wells of 2.7 MMbo, and 0.2 MMbo of negative revisions. Oil reserves now include 8.3 MMbo in PUDs with 75 drilling locations, having a projected development cost of about $26 per barrel of oil. PDP oil reserves declined by 3% and PUD reserves increased by 26% over year-end 2011 levels. At year-end 2012, PDP oil reserves were 49% of total oil proved reserves, compared to 55% for 2011. The PV-10 of the company's oil reserves at December 31, 2012 was $476M, compared to $499M at year-end 2011. For the year-end 2012 reserve evaluation, this 12 month calculation resulted in an average realized price of $104.27 per barrel of oil for 2012, compared to $104.47 per barrel of oil for 2011.
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March 3, 2015
09:29 EDTWRESWarren reports estimated proved oil and gas reserves 428.1 Bcfe as of Dec. 31
Warren Resources announced its year-end 2014 estimated proved oil and gas reserves. Warren's estimated proved oil and gas reserves totaled 428.1 billion cubic feet of oil equivalent, or Bcfe, at December 31, 2014, an increase of approximately 111% from the 202.5 Bcfe at year-end 2013. Total proved reserves for 2014 were 24% crude oil and 76% natural gas. Proved developed producing, or PDP, and proved developed nonproducing, or PDNP, reserves were 59% of total proved reserves at year-end 2014, and 41% of total proved reserves were proved undeveloped, or PUD. The estimated present value of the company's oil and gas reserves at year-end 2014, discounted at 10% per annum and before the impact of income taxes was approximately $609 million, compared to approximately $504M for year-end 2013. For commodity prices used in the calculation of the present value of year-end proved reserves, SEC rules require that calculations be based on the average of the closing prices on the first of the month over the preceding twelve months. For the year-end 2014 reserve evaluation, SEC pricing calculation resulted in an average realized price of $86.71 per barrel of oil and an average realized price of $3.22 per Mcf of natural gas, compared to $97.33 per barrel of oil and $3.43 per Mcf of natural gas in 2013, respectively.

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