The stock of Warren Resources, an independent energy company with operations mainly in Rocky Mountain coalbed methane, rose above $9 Friday after its initial public offering of 9.5 million shares was priced Thursday to start at $7.50.

The stock price immediately rose to about $10 and then dropped back to trade at $9.20 in the early afternoon on Friday. The company, which will trade as WRES on the Nasdaq, originally had set the offer for six million shares at between $7-$9.

Warren Resources, with offices in New York, Roswell, NM and Casper, WY, centers mainly on coalbed methane reserves in the Rocky Mountain region. Warren’s current operations are principally focused on developing and expanding its coalbed methane project located in the Atlantic Rim of the Washakie Basin in southwest Wyoming and the Powder River Basin in northeastern Wyoming. Warren also has interests in the Wilmington oil field located in the Los Angeles Basin, in southern California.

KeyBanc Capital Markets, a division of McDonald Investments Inc., acted as the sole bookrunning lead managing underwriter for the offering. Jefferies & Company, Inc. and Sanders Morris Harris, Inc. acted as co-managing underwriters.

Warren has natural gas and oil interests in approximately 261,880 gross (146,550 net) acres in the Rockies coalbed methane region. Currently less than 5% of its net acreage has been developed.

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