Warren Resources calls all $9 million outstanding 12% sinking-fund bonds

By Caroline Salls

Pittsburgh, Jan. 12 - Warren Resources Inc. said it will redeem all $9 million outstanding of its 12% sinking-fund bonds due Dec. 31, 2007 at a price of 102% of the principal amount plus interest accrued to the redemption date of March 31.

As a result of the redemption, $4.1 million of U.S. Treasury securities being held in escrow to secure repayment of the bonds will be release to the company.

The redemption will be funded with working capital.

Warren Resources is a New York independent energy company.

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