Warren Resources calls 13.02% convertibles

New York, April 29 - Warren Resources, Inc. said it will redeem its 13.02% sinking fund convertible bonds due Dec. 31, 2010 on June 29.

The New York-based energy company will pay 110% of par plus accrued interest to the redemption date.

Up to the close of business on June 29, holders can convert the bonds to stock at a price of $5.00 per share. Warren stock closed at $8.56 on Friday.

Warren Resources said the redemption will cut its debt to $17.4 million from $30.2 million.

In addition, $5.7 million of Treasuries held in escrow will be released to the company.

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