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Warren Resources Announces Fourth Quarter and Full-Year 2014 Financial and Operating Results
· FY14 Record Total Revenue of approximately $151 Million, a 17% increase
· FY14 Record EBITDA of approximately $90 million, a 15% increase
· FY14 Record Production of 22.8 Bcfe, a 77% increase
· FY14 Lease Operating Expenses and Taxes per Mcfe Declines 26%
NEW YORK, March 11, 2015 (GLOBE NEWSWIRE) Warren Resources, Inc. (Nasdaq: WRES) today reported its fourth quarter and full-year 2014 financial and operating results.
In announcing the results, Lance Peterson, Interim Chief Executive Officer, commented, 2014 was a transformational year for Warren, with strong growth in reserves, production, revenues and cash flows and the successful execution of the acquisition and integration of the Marcellus assets. While there has been significant volatility in commodity prices and the capital markets recently, Warren has an asset base well positioned to successfully navigate the current market environment. As operator of all three of our main assets, the Company was able to right-size its development activity to reduce capital spending and focus on identifying additional capital and operating cost reductions going forward. Through our control of high impact wells in our Marcellus business unit and ownership of our drilling rig in the Wilmington field in California, Warren can respond quickly to changes in the commodity market. In addition, the Company will continue to identify opportunities to further increase its liquidity position. In keeping with Warrens strategic goal of becoming a more growth oriented company, we remain focused on identifying areas for future growth and ways to add value for shareholders and expect the current market environment will offer significant opportunities for accretive investments. I am confident in our ability to execute on these goals and am optimistic about Warrens potential going forward.
The following information was filed by Warren Resources Inc (WRES) on Wednesday, March 11, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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