After Almost a Year, Warren Resources Gets New CEO

Warren Resources, a small, independent exploration and production company with an ongoing drilling programs in California, Wyoming, and in the northeast Pennsylvania Marcellus Shale, recently moved their headquarters from New York City to Denver, Colorado (see Warren Resources Says Bye-Bye to NYC Headquarters, Hello Denver). Warren’s Marcellus program is small–very small. They spent just $3.8 million in 3Q15 to complete two “upper” Marcellus wells (see Warren Res. 3Q15: $190M Paper Loss, Completes 2 Upper Marcellus Wells). However, they remain active in the Marcellus and may one day expand their activity here, so we keep tabs on them. The company is facing some serious challenges. Last December Warren’s CEO and Chairman of the Board, Philip Epstein, suddenly quit (see CEO of Warren Resources Quits, Replaced by Citrus Energy CEO). Since Epstein’s departure, Citrus Energy CEO Lance Peterson (a Warren board member) had taken the reigns as interim CEO. The search is now over and Warren has just announced the appointment of a new CEO…

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