Warren Resources (NASDAQ:WRES) is a small domestic independent energy company. The company is primarily focused on the exploration and development of waterflood oil recovery properties in the Los Angeles Basin of California and coal-bed methane ("CBM") natural gas properties located in Wyoming. The company's 2013 year-end reserves are located on only 20% of its acreage. And there is the upside opportunity: 80% of Warren Resources acreage is essentially undeveloped and unbooked. The company is attractively valued and should trade up 50% over the next year and double to $10.50/share by 2015.
From the company's 2013 Form 10K (available here), we get an idea of the company's valuation and its acreage positions:
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As of December...
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