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Warren’s Marcellus Acquisition Doubles Reserves, Triples Production

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By Darren Barbee, Hart Energy
July 8, 2014

Warren Resources Inc. (NASDAQ: WRES) is committing $325.5 million to buy essentially all of Citrus Energy’s Marcellus Shale assets in Wyoming County, Pa.

The acreage is considered by Warren to be “core of the core.” The company will pay Citrus and two working interest owners by issuing $40 million in WRES stock at $6 per share. It will borrow money to pay the remainder of the price.

“The deal is a transformative acquisition that doubles Warren’s reserves and triples Warren’s production,” said David Deckelbaum, director of exploration and production at ...

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