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Stock Market & Financial Investment News

News Breaks
July 7, 2014
06:14 EDTWRESWarren Resources acquires Marcellus assets for $352M
Warren Resources announced that it has executed a purchase and sale agreement to acquire essentially all of the Marcellus assets of Citrus Energy Corporation and two additional working interest owners for $352.5M. As part of the total consideration, Warren will issue $40M in Warren common stock priced at $6.00 per share, with the remainder to be funded through fully committed debt financing. This acquisition provides Warren with a substantial new basin platform in the prolific Marcellus Shale and adds a new core area to Warren's existing California oil and Wyoming natural gas assets. The assets are currently producing approximately 82M net cubic feet per day of natural gas, as of June. Estimated net proved reserves, as of the July 1 economic effective date, totaled approximately 208.3B cubic feet, 55% proved developed, as estimated by Netherland, Sewell & Associates, Inc., Warren's independent petroleum engineering firm. To finance the purchase and complete the transaction, Warren has obtained committed financing from Bank of Montreal and its affiliates, including an increase in its senior secured credit facility from $300M to $750M, along with an increase in the borrowing base from $175M to $225M in conjunction with the acquisition. Additionally, Bank of Montreal and BMO Capital Markets have provided the Company a commitment for $250M in the form of a senior unsecured bridge loan, which is expected to remain unutilized as the company plans to put in place permanent financing before the anticipated closing date in early August.
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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December 5, 2014
07:34 EDTWRESWarren Resources CEO resigns, Lance Peterson appointed Interim CEO
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