Warren Resources Announces Increase in Borrowing Base Under Senior Credit Facility
NEW YORK, May 17, 2013 (GLOBE NEWSWIRE) -- Warren Resources, Inc. (WRES) announced that that the syndicate of lenders underwriting the Company's $300 million senior secured credit facility ("Credit Facility") has increased the conforming borrowing base to $145 million as a result of completing the spring 2013 semi-annual redetermination.
As of May 17, 2013, Warren has $89.5 million of debt outstanding under its Credit Facility, leaving $55.5 million available. The next borrowing base redetermination is scheduled for November 2013.
Timothy A. Larkin, Warren's Executive Vice President and Chief Financial Officer, commented, "We appreciate the continuing support of our lender group 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 exploration, development and production company that uses advanced technologies to explore, develop and produce domestic on-shore 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.
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Source: Warren Resources, Inc. 2013 GlobeNewswire, Inc.