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
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.
Warren Resources, Inc. is an independent energy company, which engages in the acquisition, exploration, development and production of domestic onshore crude oil and gas reserves. It focuses on the exploration and development of waterflood oil recovery properties in the Wilmington field within... More
Sector: Basic Materials
Industry: Oil & Gas Equipment & Services
Country: United States