Warren Resources’ Net Earnings Up 420 Percent

November 11th, 2008 • Filed Under
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By WEN Staff

NEW YORK - Warren Resources Inc., an energy company primarily focused on oil in California and coalbed methane in the Washakie Basin in Wyoming, has announced 2008 third quarter financial and operating results.

Highlights include a net earnings increase of 420 percent to $15.8 million; an oil and gas revenue increase of 102 percent; oil and gas production growth of 42 percent and an increase of cash flow from operations for the nine months of 214 percent to $55.5 million.

The company’s reported net earnings of $15.8 million, or $0.27 per diluted common share, for the  third quarter ending Sept. 30, 2008. This compares to net earnings of $3 million, or $0.05 per diluted common share, for  the third quarter of 2007.

Warren’s oil and gas revenues increased 102 percent to $33.9
million for the third quarter of 2008 compared to $16.8 million
in the third quarter of 2007. This increase resulted from a 129
percent increase in natural gas production and a 16 percent
increase in oil production, as well as higher realized sales
prices for oil and gas in the third quarter of 2008 compared to
2007.

The increase in oil and gas production reflects growth in the
company’s Wilmington Field projects in California and its Sun
Dog and Doty Mountain coalbed methane units in the Atlantic Rim
project in Wyoming.

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