Dallas, Texas 12/10/2014 (FINANCIALSTRENDS) – Warren Resources, Inc. (NASDAQ:WRES) CEO, Philip A. Epstein recently served his resignation to the Company’s Board, in order to pursue other opportunities. He resigned from his position as Chairman and CEO of the company.
The company announced the appointment of Lance Peterson as its Interim CEO, effective immediately. In addition, the Board also elected Dominick D’Alleva as Interim Chairman.
Mr. Peterson said that I look forward to working with Warren Resources through this period of transition. He mentioned that the company is well positioned and is on track to executing attractive growth opportunities and improve shareholder value.
Mr. Peterson has been an important contributor to the Board of Warren Resources, Inc. (NASDAQ:WRES) and was considered to be appropriate to lead the Company. He holds Bachelor’s in Geological Engineering and brings more than three decades of experience in the oil and gas industry. In 1989, he co-founded Citrus Energy Corporation and has served as its President and CEO since formation.
Mr. Peterson brings significant expertise in the acquisition, exploration, and production of onshore crude oil and gas reserves along with deep understanding of business, operations, and strategy. He joined the Warren Board upon the acquisition of the Marcellus assets of Citrus Energy Corporation.
The company reported strong 116% increase in production volumes and 13% increase in its oil and gas revenues to $39.2 million during 3Q14. The company reported significant decline in average realized price per barrel to $89.77 in 3Q14 from $99.96 in 3Q13.
The third quarter results also benefitted from the integration of Marcellus assets, which enabled the company to increase its FY14 natural gas guidance by 7%. On the other hand, volatility in capital markets and energy commodity prices negatively impacted the results. The company reported over $100 million of liquidity and is eyeing to leverage the same to focus on growth.