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Warren Resources Inc. (fka WRESQ)

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Last Post: 10/28/2016 3:41:29 AM - Followers: 46 - Board type: Free - Posts Today: 0
THIS BOARD IS FOR WARREN RESOURCES, INC., WHICH ON JUNE 2, 2016 FILED FOR CHAPTER 11 BANKRUPTCY.  READ MORE BELOW.


PLEASE READ IF YOU THINK YOU WANT TO INVEST IN WRESQ ...

U.S. Securities and Exchange Commission

"Q" Added To Stock Ticker Symbol

When a company is involved in bankruptcy proceedings, the letter "Q" is added to the end of the company's stock ticker symbol. In most cases, when a company emerges from bankruptcy, the reorganization plan will cancel the existing equity stock and the old shares will be worthless. Given that risk, before purchasing stock in a bankrupt company, investors should read the company's proposed plan of reorganization. For more information about the impact of bankruptcy proceedings on securities, please read our online publication, Corporate Bankruptcy.
 


EXCERPTS OF JUNE 3 , 2016 PRESS RELEASE:

3-Jun-2016

Entry into a Material Definitive Agreement, Bankruptcy or Receivership, Crea


Item 1.03 Bankruptcy or Receivership.

Restructuring Support Agreement


The lenders under the Company's first-lien credit agreement will become lenders under a new first-lien credit facility and will obtain 82.5% of the post-restructuring common equity of the Company (subject to dilution under a new management incentive program and the exercise of certain warrants, to the extent issued, as described in the bullet below);

The lenders under the Company's second-lien credit facility, the holders of the Company's unsecured notes and, at the option of the Plan Sponsor, a holder of another claim (if allowed) will be entitled to share pro rata in 17.5% of the post-restructuring common equity of the Company; and

Item 8.01 Other Events

The Company cautions that trading in the Company's securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders of the Company's securities in the Chapter 11 Cases.



About Warren Resources

We are a growing independent energy company engaged in the exploration and development of domestic onshore natural gas and oil reserves. We are one of the leading developers of coalbed methane natural gas, or CBM, in the Rocky Mountain region. As of December 31, 2008 we owned natural gas and oil interests in approximately 175,725 gross (101,453 net) acres. Currently approximately 20% of our net acreage has been developed. Our CBM operations are focused in the Washakie Basin, which comprises approximately the southeast one-third of the Greater Green River Basin in southwestern Wyoming. Additionally, we own natural gas and oil interests in the Wilmington field, located in the Los Angeles Basin of California. We intend to develop our California properties through directional and horizontal drilling. Also, we own natural gas and oil interests in non-strategic properties in Texas, New Mexico and North Dakota.

We seek to generate growth in oil and gas reserves, production volumes and cash flow by exploiting our existing properties through the drillbit by drilling numerous locations identified on our Rocky Mountain CBM properties and on our Wilmington unit. As of December 31, 2008 we have identified a total of 800 drilling locations in our Rocky Mountain CBM properties. In addition, we also have drilling locations in our Wilmington field units. The following map illustrates the location of our substantial reserves and acreage. All of our natural gas and oil drilling, completion, production and land operations are conducted through our wholly owned subsidiary, Warren E&P, Inc.. Warren E&P was formed in 1973, and has offices in Casper, Wyoming and Long Beach, California.



 
PostSubject
#809   Mmm i don t know ... all it Trendyfoods 10/28/16 03:41:29 AM
#808   if you are referring to shares owned BEFORE Dallas66 10/27/16 12:08:50 PM
#807   when it is possible to trade this stock?? Trendyfoods 10/27/16 05:17:36 AM
#806   thank you sir...hopefully they will toss us at Dallas66 10/07/16 08:58:44 PM
#805   Yep, that was the point I was trying not one red cent ~NORC~ 10/07/16 06:22:14 PM
#804   I'm curious..if you DON'T join a lawsuit...and they Dallas66 10/07/16 12:29:18 PM
#803   Some of the firms are only accepting people not one red cent ~NORC~ 10/07/16 12:08:40 PM
#802   Has anyone contacted any of the law firms Dallas66 10/06/16 11:14:36 AM
#801   https://globenewswire.com/news-release/2016/10/05/877412/0/en/Warren-Resources-I Attote 10/06/16 05:38:17 AM
#800   WRESQ BK PLAN effective. All shares cancelled. FINRA Renee 10/05/16 06:03:20 PM
#799   Common shares are now cancelled. And FINRA has 1manband 10/05/16 01:36:24 PM
#798   That might be good after bankruptcy is finalized, DumpsterDiver 09/21/16 01:02:45 PM
#797   Great reorganization plan TOM611 09/20/16 09:33:02 PM
#796   Nah, the bankruptcy will do that by itself. DumpsterDiver 09/10/16 02:42:38 AM
#795   They scare buyers TOM611 09/09/16 11:31:27 AM
#794   I'm curious why do you think the lawsuits not one red cent ~NORC~ 09/09/16 11:30:44 AM
#793   Once lawsuits are unfounded this thing will crank TOM611 09/08/16 05:59:36 PM
#792   A ton of lawsuits out now....possibly they will Dallas66 09/08/16 11:21:05 AM
#791   I got a reply email from the company gail 09/06/16 03:06:02 PM
#790   retireat40 09/06/16 01:39:28 PM
#789   It appears, per the past chart in June, gail 09/06/16 12:42:55 PM
#788   Jeez...this blows retireat40 09/06/16 12:30:03 PM
#787   Someone got tired of waiting. Now .015 x .02 retireat40 09/06/16 11:50:28 AM
#786   Need a lot more volume than this... retireat40 09/06/16 11:18:21 AM
#785   someone is trying hard to tap that bid gail 09/06/16 10:36:42 AM
#784   bids building. someone .............................. gail 09/06/16 10:34:36 AM
#783   Consolidate above 50ma then we start a new huxley 09/06/16 10:21:50 AM
#782   Yep...looks good so far. retireat40 09/06/16 10:04:55 AM
#781   21 on deck with nothing there to speak of gail 09/06/16 10:04:10 AM
#780   Huge bid with .021 up BCNstocks 09/06/16 10:03:34 AM
#779   Agreed gail. $WRESQ chart >> BCNstocks 09/06/16 09:56:36 AM
#778   the ask side is very thin, looking good. gail 09/06/16 09:41:36 AM
#777   $WRESQ gonna be a good week! BCNstocks 09/06/16 08:42:40 AM
#776   http://ih.advfn.com/p.php?pid=webchart&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_ gail 09/06/16 01:51:25 AM
#775   Oil markets rocked the house at one Lone Wolf 09/05/16 07:25:18 PM
#774   I like that the rep, for the company, gail 09/03/16 02:37:39 PM
#773   The climb and pick up in volume this Lone Wolf 09/03/16 12:37:49 PM
#772   Flagging above 50sma, should resume it's climb next week 514 09/03/16 11:24:58 AM
#771   Yep. Closed red but with a big bid. retireat40 09/02/16 06:40:51 PM
#770   18 falling, this is great being that its gail 09/02/16 03:50:58 PM
#769   They are definitely still in business. The BK retireat40 09/02/16 03:29:32 PM
#768   Yep...easy .04+ next week. With really good volume retireat40 09/02/16 03:08:57 PM
#767   I just called the company and reached a gail 09/02/16 02:18:07 PM
#766   $WRESQ holding for next week BCNstocks 09/02/16 01:42:43 PM
#765   Red to green close and run next week huxley 09/02/16 11:26:16 AM
#764   Gapping down...Friday b4 a long weekend. retireat40 09/02/16 09:28:20 AM
#763   reload was at 50sma 015 514 09/01/16 03:41:47 PM
#762   Very nice hits on .0195 Next huge Q runner $WRESQ #WRESQ Dab Daddy 09/01/16 02:55:20 PM
#761   Need to take out CDEL at .0195 retireat40 09/01/16 02:47:12 PM
#760   Agree...this is a good entry point. I'm sure retireat40 09/01/16 02:35:58 PM
PostSubject