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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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May 26, 2015
12:55 EDTWRESWarren Resources announces closing of a $250M strategic refinancing
Warren Resources announced the closing of a $250M strategic refinancing with funds sponsored by Franklin Square Capital Partners and sub-advised by GSO Capital Partners, the credit division of Blackstone, providing Warren with both liquidity and a platform to continue its growth initiatives.The first lien term loan provides Warren with $202.5M of new money, including $172.5M borrowed at closing for working capital and to repay Warren's existing revolving credit facility, a $30M delayed draw first lien commitment, and $47.2M of additional first lien term loans through the exchange of $69.6M of unsecured notes at an exchange price of 65% of par. The new first lien loan has a term of five years, and a coupon rate of LIBOR plus 8.5%, with a LIBOR floor of 1%. The transaction also allows Warren to exchange additional unsecured debt at a discount into second lien debt, subject to incurrence tests. As of May 26,, Warren has $14.7M of cash on hand. "Today we are extremely pleased to announce a new strategic refinancing that not only enhances the financial health of the company, but also provides Warren with the ability to pursue acquisitions and continue our strategy of transformational growth. GSO is a highly respected institution that can provide significant resources as we acquire and develop oil and natural gas assets," said Lance Peterson, interim CEO of Warren.

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