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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.
News For WRES From The Last 14 Days
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December 17, 2014
16:30 EDTWRESCitrus Energy liquidates stake in Warren Resources
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13:21 EDTWRESNew York to officially ban fracking, NY Times reports
New York Governor Andrew Cuomo announced his administration will block hydraulic fracturing, or fracking, for natural gas in the state when an existing five-year moratorium pushed by the state Department of Environmental Conservation ends next year, reported The New York Times. The Marcellus shale formation spans New York, parts of Pennsylvania, eastern Ohio, western Maryland, most of West Virginia and into extreme western Virginia. Companies with operations in the Marcellus shale include Warren Resources (WRES), Southwestern Energy (SWN) and Talisman Energy (TLM). Reference Link
December 10, 2014
07:16 EDTWRESWarren Resources backs 2014 production view
Warren Resources reaffirmed its prior production guidance for FY14 of 1.10MMBbls-1.12MMBbls of oil and 14.50Bcf 15.25Bcf of natural gas.
07:15 EDTWRESWarren Resources sees 2015 production up 96% to 42Bcfe and CapEx $80M
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