Warren Resources, Inc.NASDAQ
Thu, Jun. 2, 5:19 PM
- Warren Resources (NASDAQ:WRES) has filed for Chapter 11 bankruptcy protection, Reuters reports, citing court filings.
- WRES listed assets of $230M and debts of $545M as of Jan. 31, according to court documents.
- Shares fell 24% in today's trade to close $0.095, exactly one year after hitting their 52-week high of $0.79.
Wed, Apr. 6, 3:57 PM
- Warren Resources (WRES -6%) is lower after saying it continues to engage in discussions with lenders and an ad hoc group of unsecured noteholders about a restructuring of its debt obligations, and is evaluating potential strategies including bankruptcy.
- WRES says its first lien lender made an acceptable proposal for a post-restructuring capital structure that would result in deleveraging by converting a substantial amount of the company's debt to equity; however, agreement on a proposal among all three categories of creditors has not been reached.
- WRES also names James Watt as chief restructuring officer, in addition to his other positions as President and CEO.
Thu, Mar. 17, 10:57 PM
- Warren Resources (NASDAQ:WRES): FY15 EPS of -$7.55 may not be comparable to consensus of -$0.80.
- Revenue of $88.37M (-41.4% Y/Y) beats by $4.37M.
Tue, Feb. 9, 9:12 AM
- Warren Resources (NASDAQ:WRES) says it has started discussions with its creditors regarding a restructuring of its debt obligations and would need to seek bankruptcy protection if talks fail.
- WRES had deferred a $7.5M semi-annual interest payment that was due on Feb. 1 to reach a deal with creditors.
- WRES also forecasts total revenue to fall 31.7% Y/Y to $61.1M from $89.4M, and expects oil production to fall ~18% and natural gas production to drop ~20% this year; the company expects to spend no new drilling capital on any of its properties in 2016.
Mon, Feb. 1, 9:58 AM
- Warren Resources (NASDAQ:WRES) says it will not make a ~$7.5M interest payment due February 1 on its outstanding $167.3M aggregate principal amount of 9% notes due 2022.
- The non-payment would become an event of default if it is not made within 30 days.
- WRES says it has engaged Jefferies as financial adviser in connection with a potential restructuring of its balance sheet.
- WRES -6.2%.
Nov. 30, 2015, 9:18 AM
- Warren Resources (NASDAQ:WRES) appoints Frank Smith Jr. as senior VP and CFO, replacing interim CFO Brian Gelman, who will return to his role as Chief Accounting Officer and Controller.
- Smith has served as senior VP and CFO of Dune Energy since 2007 and as secretary since 2012.
Nov. 16, 2015, 8:25 AM
- Warren Resources (NASDAQ:WRES) appoints James Watt as its new President and CEO, effective immediately.
- Watt joins WRES from Dune Energy, where he served as President and CEO.
- Lance Peterson, who served as interim CEO since last December, is stepping down from the role and will continue as a director.
Nov. 9, 2015, 7:14 AM
- Warren Resources (NASDAQ:WRES): Q3 EPS of -$0.23 misses by $0.03.
- Revenue of $20.8M (-48.7% Y/Y) misses by $0.52M.
Nov. 8, 2015, 5:30 PM
Aug. 4, 2015, 7:40 AM
- Warren Resources (NASDAQ:WRES): Q2 EPS of $0.03 beats by $0.24.
- Revenue of $26.22M (-25.1% Y/Y) beats by $0.23M.
Jun. 16, 2015, 10:30 AM
- Warren Resources (WRES +19.2%) agrees to sell its Atlantic Rim CBM assets to Escalera Resources (ESCR +52%) for $47M.
- The sale includes all WRES interests in its shallow depth coal bed methane assets, appurtenant midstream pipeline assets, and an undivided 30% of its interest in certain deep rights associated with former WRES leases in the Atlantic Rim area.
- WRES says it will retain 70% of the operated deep rights associated with its former leases in the Atlantic Rim area, across 68.7K gross acres, which are now being evaluated for potential upside in a number of the deep formations present.
May 26, 2015, 6:09 PM
- Warren Resources (NASDAQ:WRES) says it has closed a $250M refinancing deal from Franklin Square Capital Partners to help pay down its credit line and continue its growth initiatives.
- WRES will get $202.5M of new money and loans through an exchange with its unsecured bondholders; the deal includes a new five-year first-lien term loan that will pay an interest rate of at least 9.5%.
- "Rather than just taking on new debt to provide additional liquidity, we are converting a significant amount of high yield bonds to first lien debt at a favorable discount, while also generating sufficient funding to grow our business,” WRES says.
May 7, 2015, 7:28 AM
- Warren Resources (NASDAQ:WRES): Q1 EPS of -$0.13 beats by $0.04.
- Revenue of $25.78M (-24.6% Y/Y) misses by $1.06M.
Apr. 15, 2015, 12:45 PM
Mar. 11, 2015, 12:47 PM
Mar. 11, 2015, 7:31 AM
- Warren Resources (NASDAQ:WRES): Q4 EPS of -$0.01 beats by $0.02.
- Revenue of $41.01M (+25.8% Y/Y) misses by $0.36M.