WARREN RESOURCES INC

22 Oct 2015capital raising announcement▼ BadMajor

On October 22, 2015 Warren signed a five-year, roughly $51.0 million second lien term loan (12% interest, maturing November 1, 2020). About $11.0 million is new money, and some holders of the 9% 2022 notes swapped about $63.1 million of notes plus accrued interest for about $40.1 million of second lien loans and 4,000,000 new Warren shares. It also amended the May first lien loan, making Warren's first lien leverage covenant start being tested June 30, 2016 instead of December 31, 2016, and drew $10 million of the $30 million delayed-draw (total $15 million drawn); the filing says any further draws are at the lenders' sole discretion. This continues the debt-for-loan exchanges begun in May and dilutes existing shareholders with the 4,000,000 new shares; the filing says Warren is evaluating strategic options to position itself for covenant compliance if commodity prices do not improve.

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27 Apr 2006capital raising announcement▲ GoodMajor

Warren completed the purchase of oil and gas properties in Wyoming and California from two affiliated Delaware limited partnerships for $7.5 million ($7.1 million net of Warren's own partnership interests), paid as $2.7 million cash and $4.4 million in 383,072 restricted shares priced at $11.49. The properties carry about 1.7 Bcfe of estimated proved reserves, and Warren assumed their environmental and well-plugging liabilities and must seek registration of the shares for resale within a year of closing. Separately, the filing updates the old Gotham Insurance case: on April 26, 2006 the Texas Court of Appeals reversed the $1.8 million restitution award against Warren and the attorneys' fees award and sent the matter back to the trial court, so the earlier $1.8 million liability is not finally settled.

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1 Dec 2004capital raising announcement● NeutralMajor

On December 1, 2004, the company (now shown as a Maryland corporation, a change from Delaware not explained in this filing) raised $21 million in a private placement, selling 3 million units to institutional investors. Each unit is a share plus five-year warrants at $10 and $12.50 (750,000 shares each), which dilutes existing holders if exercised; placement fees were $507,500. The company must register the shares for resale and would issue extra warrants if its stock has not begun public trading within a year.

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