The Resource Plays With just a $60 million market, Warren Resources, Inc. (Nasdaq:WRES) looks interesting based on land holdings. The independent exploration and production firm's two major projects include coal bed methane in the Rocky Mountains and secondary oil recovery within the Wilmington Basin field, which comprises over 231 thousand gross acres. The Wilmington Basin, representing about 90% of proved reserves, is the third largest oilfield in the U. S. The combination of lower natural gas prices and one-time impairments caused Warren to report a $241 million loss for 2008. Positives for the company included increasing cash flow, a 123% increase in 2008 over 2007, and a 77% total revenue increase to $109.2 million. Analysts' consensus for Warren set a one year price target of $7.09, according to Thomson Financial Networks, about six dollars higher from where it was trading in the first half of April 2009.
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