4 May 2011quarterly activities report▼ Bad
WARREN RESOURCES INC reported a quarterly net loss of $576 thousand for the period ended 2011-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2011quarterly activities report▼ Bad
WARREN RESOURCES INC reported a quarterly net loss of $576 thousand for the period ended 2011-03-31.
11 Feb 2011substantial holder notice● Neutral
Manulife Financial Corporation, John Hancock Global Opportunities Fund reported a WARREN RESOURCES INC shareholding of 10,467,712 shares (14.70% of votes) in a periodic institutional filing.
10 Feb 2011substantial holder notice● Neutral
THE VANGUARD GROUP, INC. disclosed a new substantial WARREN RESOURCES INC shareholding (5.21% of votes).
9 Feb 2011substantial holder notice● Neutral
BlackRock, Inc reported a WARREN RESOURCES INC shareholding of 4,975,942 shares (6.99% of votes) in a periodic institutional filing.
9 Nov 2010substantial holder notice● Neutral
NWQ Investment Management Company, LLC reported a WARREN RESOURCES INC shareholding of 3,320,838 shares (4.67% of votes) in a periodic institutional filing.
3 Nov 2010quarterly activities report● Neutral
WARREN RESOURCES INC reported a quarterly net income of $4.3 million for the period ended 2010-09-30.
3 Nov 2010quarterly activities report● Neutral
WARREN RESOURCES INC reported a quarterly net income of $4.3 million for the period ended 2010-09-30.
31 Aug 2010asset acquisition disposition● Neutral
On August 26, 2010 Warren's subsidiary Warren E&P bought an all-electric drilling rig from NorAm Drilling and its Norwegian parent companies for $7.0 million ($3.5 million cash at closing plus a $3.5 million secured note paid in 15 monthly instalments from September 26, 2010). The deal also settles and ends litigation with NorAm, running since 2009, over a July 2008 drilling contract; the rig is to be moved to Warren's Wilmington, California properties.
12 Feb 2010substantial holder notice● Neutral
NWQ Investment Management Company, LLC reported a WARREN RESOURCES INC shareholding of 4,288,439 shares (6.07% of votes) in a periodic institutional filing.
12 Feb 2010substantial holder notice● Neutral
Manulife Financial Corporation, John Hancock Global Opportunities Fund reported a WARREN RESOURCES INC shareholding of 7,606,242 shares (10.77% of votes) in a periodic institutional filing.
11 Jan 2010substantial holder notice● Neutral
Manulife Financial Corporation disclosed a new substantial WARREN RESOURCES INC shareholding (0.10% of votes).
10 Nov 2009substantial holder notice● Neutral
Tradewinds Global Investors, LLC reported a WARREN RESOURCES INC shareholding of 3,040,052 shares (4.30% of votes) in a periodic institutional filing.
23 Oct 2009material agreement● NeutralMajor
On October 23, 2009 Warren agreed with BMO Capital Markets and RBC Capital Markets to sell up to 11,775,000 new shares at $2.60 each, for about $29.3 million net (gross $30,615,000), closing on or before October 28, 2009. The press release says proceeds are for general corporate purposes including resuming development in California and Wyoming, reducing debt and working capital. Existing shareholders are diluted by the new shares, and the $2.60 price compares with the $8.98-$10.80 prices of the 2007 share issues.
23 Oct 2009securities registration● Neutral
WARREN RESOURCES INC filed a prospectus supplement for an offering off its existing shelf.
28 Sept 2009securities registration● Neutral
WARREN RESOURCES INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
15 May 2009debt financing▼ BadMajor
On May 12, 2009 lenders kept Warren's borrowing base at $120 million (up from $110 million at the November 2007 start), but a First Amendment made borrowing costlier: LIBOR margins rise from 1.25%-2.0% to 2.75%-3.50%, with a 3.50% floor for six months, and the unused commitment fee becomes a flat 0.50%. Warren also gained the right for six months to arrange up to $30 million of second-lien financing if the lenders approve the terms. The press release says $115 million is drawn and Warren is in covenant compliance; the next redetermination is October 2009.
28 Apr 2009securities registration● Neutral
WARREN RESOURCES INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
20 Mar 2009securities registration● Neutral
WARREN RESOURCES INC registered a securities offering with the SEC using its shelf eligibility.
17 Feb 2009substantial holder notice● Neutral
NWQ Investment Management Company, LLC reported a WARREN RESOURCES INC shareholding of 5,906,719 shares (10.04% of votes) in a periodic institutional filing.
17 Feb 2009substantial holder notice● Neutral
Wellington Management Company, LLP reported a WARREN RESOURCES INC shareholding of 2,982,211 shares (4.97% of votes) in a periodic institutional filing.
13 Feb 2009substantial holder notice● Neutral
Tradewinds Global Investors, LLC reported a WARREN RESOURCES INC shareholding of 4,233,890 shares (7.20% of votes) in a periodic institutional filing.
13 Feb 2009substantial holder notice● Neutral
Neuberger Berman Inc., Neuberger Berman, LLC reported a WARREN RESOURCES INC shareholding of 1,585,698 shares (2.70% of votes) in a periodic institutional filing.
5 Sept 2008security holder rights change● NeutralMajor
Warren adopted a shareholder rights plan (often called a poison pill) on August 29, 2008, distributing one right per common share to holders of record September 9, 2008. If anyone acquires 20% or more of the stock, other holders can buy shares at half price, which makes an unwanted takeover or large stake-building more costly; the rights expire August 31, 2011 unless extended and can be redeemed by the board at $0.01 each. This is relevant given NWQ held about 16-20% earlier in 2007 (inference: the filing does not say why the plan was adopted).
8 Aug 2008substantial holder notice● Neutral
Neuberger Berman Inc., Neuberger Berman, LLC reported a WARREN RESOURCES INC shareholding of 3,352,230 shares (5.75% of votes) in a periodic institutional filing.
14 Feb 2008substantial holder notice● Neutral
NWQ Investment Management Company, LLC reported a WARREN RESOURCES INC shareholding of 8,040,952 shares (13.82% of votes) in a periodic institutional filing.
14 Feb 2008substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial WARREN RESOURCES INC shareholding (9.55% of votes).
12 Feb 2008substantial holder notice● Neutral
Neuberger Berman Inc., Neuberger Berman, LLC reported a WARREN RESOURCES INC shareholding of 7,053,977 shares (12.12% of votes) in a periodic institutional filing.
20 Nov 2007material agreement▲ GoodMajor
On November 19, 2007 Warren replaced its November 2006 JPMorgan credit facility with a new five-year, up to $250 million revolving facility led by Merrill Lynch Capital with five participating banks, maturing November 19, 2012. The initial borrowing base is $110 million plus a $15 million over-advance, giving $125 million of immediate availability, up from the $50 million base after the August 2007 amendment. Interest is LIBOR plus 1.25%-2.0% or base rate plus 0.25%-1.0%; the covenant is now a maximum interest coverage ratio of 2.5 to 1.0 (previously net debt/EBITDAX max 3.5), alongside a minimum current ratio of 1.0. The press release says it will fund the 2008 capital budget including the Wilmington units and Atlantic Rim.
2 Oct 2007securities registration● Neutral
WARREN RESOURCES INC filed a prospectus supplement for an offering off its existing shelf.