Warren Resources Inc fka WRESQ

[himotephe]

Email from Ray Deacon (WARREN)

From: Ray Deacon [mailto:[e-mail]]
Sent: Monday, July 13, 2015 4:34 PM
To: ***REDACTED***
Subject: RE: Stock Price

Jeff, we absolutely have a plan in place to get the stock back to where we think it should be. We’ve done a lot worse than our peers lately, I think, because index funds have been selling because the price is so low. HK, GST, MHR also doing badly. I just don’t hear from many institutions (mutual funds or hedge funds) that are positive on energy right now, or if they are, they are buying larger cap names.

In the next three months we hope to have results in three areas that could provide drivers. 1) close on an asset sale in Wyoming which will cause liquidity to increase by 40% 2) report results of the first two upper Marcellus tests (2 of them) which could double our location count in the Marcellus and potentially provides us with better returns (COG’s upper Marcellus wells to the north of us are 2x as good as our lower Marcellus wells) 3) see some results to the south of us in Wyoming in the Niobrara/Susses/Frontier from an offset operator who was early and right in two other resource plays.

Many of our peers will be forced to sell assets in October because of covenants in their bank lines. We won’t face that issue because of our recent financing with GSO.

Very frustrated here, as well.

Best,
Ray

Ray Deacon
Investor Relations
Warren Resources, Inc.
1114 Avenue of the Americas, 34th Floor | New York, NY 10036
Office | Mobile | Fax
http://www.warrenresources.com