Warren Resources repays $4.75 million of borrowings under its credit facility in April

By Sara Rosenberg

New York, May 6 - Warren Resources Inc. repaid $4.75 million of borrowings outstanding under its credit facility in April, leaving an outstanding balance of $115 million, according to a 10-Q filed with the Securities and Exchange Commission on Wednesday.

In addition, the company said that the borrowing base is currently in the process of re-determination. If the borrowing base is reduced to a level below the current outstanding balance, the company would be obligated to reduce the deficiency by 25% within 90 days and has an additional 90 days to cure the remaining deficiency.

Warren Resources is a New York-based energy company.

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