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Stock Market & Financial Investment News

News Breaks
February 13, 2013
09:29 EDTWRESWarren Resources files automatic mixed securities shelf
News For WRES From The Last 14 Days
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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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