Warren

Kalnin Grabs More Marcellus, As Warren Resources Exits Appalachia

Energy investment firm Kalnin Ventures LLC has agreed to acquire all of Warren Resources Inc.’s Marcellus Shale assets in northeastern Pennsylvania’s Wyoming County for $105 million plus contingent payments over the next two years.

December 12, 2017

Warren Resources Exits Bankruptcy, Plans to Shutter More Offices

Warren Resources Inc. said this week that it has emerged from bankruptcy after four months of proceedings, announcing that it would continue to cut costs and saying its new capital structure might even allow the company to expand its asset base.

October 6, 2016

Warren Resources Succumbs to Downturn, Files For Bankruptcy

After months of trying to reach an out-of-court agreement with its creditors and bondholders, Warren Resources Inc. became one of the latest oil and natural gas producers to succumb to the commodities downturn, filing voluntary petitions for Chapter 11 bankruptcy protection on Thursday.

June 3, 2016

Spurned Williams Lobs Another Lawsuit at Retreating Energy Transfer

Hostilities have climbed further in the once-friendly merger of Energy Transfer Equity LP (ETE) and the Williams Companies Inc. as the latter announced another lawsuit against its now-retreating suitor.

May 16, 2016

Spurned Williams Lobs Another Lawsuit at Retreating Energy Transfer

Hostilities have climbed further in the once-friendly merger of Energy Transfer Equity LP (ETE) and the Williams Companies Inc. as the latter announced another lawsuit against its now-retreating suitor.

May 16, 2016

Brief — Warren Resources

Warren Resources Inc.produced 980,300 bbl of oil last year, a 12% decline from 2014, the company said in its year-end earnings release. Natural gas production, however, increased to 28 Bcf last year, up from 16.1 Bcf in 2014. The 74% increase reflected the company’s first full year of Marcellus Shale production after it acquiredCitrus Energy Corp. in mid-2014 (see Shale Daily,July 8, 2014). Warren said low commodity prices drove declines in 2015 results. Revenue was down to $88.4 million in 2015 from $150.7 million the prior year. The company reported a full-year net loss of $619.9 million (minus $7.55/share), compared to net income of $24 million (31 cents) in 2014. The loss was largely attributed to a $578.3 million property impairment charge. The company’s average oil price declined to $41.14/bbl, compared to $86.02/bbl in 2014, while its average natural gas price declined to $1.55/Mcf, compared to $3.06/Mcf in 2014. Warren has defaulted on an interest payment for its 9% senior unsecured notes and is in currently in the process of trying to restructure its debt. It has warned investors of bankruptcy twice since February in separate news releases (see Shale Daily,March 14). In addition to the Marcellus Shale in Pennsylvania, the company has waterflood oilfield recovery operations in California and coalbed methane assets in Wyoming.

March 18, 2016

Warren Resources Again Warns of Bankruptcy, As Finances Continue Deteriorating

Warren Resources Inc. has defaulted on a $7.5 million interest payment for its 9% senior unsecured notes that was due on Feb. 1, bringing it one step closer to bankruptcy proceedings.

March 14, 2016

Warren Resources Warns of Bankruptcy if Restructuring Fails

Warren Resources Inc. said Tuesday that if it can’t reach an out-of-court agreement with its creditors and noteholders about restructuring its debt, the company will likely have to seek Chapter 11 bankruptcy protection.

February 9, 2016

Brief — Warren Resources

Warren Resources Inc.has decided not to make a $7.5 million semi-annual interest payment that was due Monday on its 9% senior unsecured notes. The company said it has sufficient liquidity to pay the $300 million notes, of which $167.3 million is outstanding and due by 2022, but is restructuring its balance sheet. Failure to pay the interest does not result in default, Warren said, but if the payment is not made within 30 days the company would default. In that event, Warren would also default under its first and second lien credit facilities. The company has hired Jefferies LLC as a financial adviser to help with the balance sheet restructuring.

February 1, 2016

Warren Resources Closing NYC Headquarters For Move to Denver

Warren Resources Inc. is moving its corporate headquarters from New York City to Denver in a shift aimed at cutting costs amid the commodities downturn and bringing more efficiency to its administrative operations.

October 1, 2015
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