NEW YORK, June 12, 2012 (GLOBE NEWSWIRE) -- Warren Resources, Inc. (Nasdaq:WRES) announced today that the syndicate of lenders underwriting the Company's $300 million senior secured credit facility ("Credit Facility") has reaffirmed the conforming borrowing base at $130 million as a result of completing the Spring 2012 semi-annual redetermination. As of June 12, 2012, Warren had $99.5 million of debt outstanding under its Credit Facility, leaving $30.5 million available. The next borrowing base redetermination is scheduled for October 2012. The Company is in full compliance with all of its debt covenants under the Credit Facility.
Timothy A. Larkin, Warren's Executive Vice President and Chief Financial Officer, commented, "We appreciate the ongoing support of our lenders and, in particular, the efforts and commitment from our syndicate agent bank, the Bank of Montreal."
About Warren Resources
Warren Resources, Inc. is an independent energy company engaged in the exploration and development of domestic oil and natural gas reserves. Warren's activities are primarily focused on oil in the Wilmington field in California and natural gas in the Washakie Basin in Wyoming. The Company is headquartered in New York, New York, and its exploration and development subsidiary, Warren E&P, Inc., has offices in Long Beach, California and Casper, Wyoming.
CONTACT: Warren Resources, Inc. Media Contact: David Fleming, 212-697-9660