Warren Resources Announces $130 Million Borrowing Base Reaffirmed After Spring 2012 Redetermination

Warren Resources, Inc.

announced today that the syndicate of lenders underwriting the Company's $300 million senior secured credit facility ("Credit Facility") has reaffirmed the conforming borrowing base at $130 million as a result of completing the Spring 2012 semi-annual redetermination. As of June 12, 2012, Warren had $99.5 million of debt outstanding under its Credit Facility, leaving $30.5 million available. The next borrowing base redetermination is scheduled for October 2012. The Company is in full compliance with all of its debt covenants under the Credit Facility. Timothy A. Larkin, Warren's Executive Vice President and Chief Financial Officer, commented, "We appreciate the ongoing support of our lenders and, in particular, the efforts and commitment from our syndicate agent bank, the Bank of Montreal."