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Warren Resources, Inc. announced that the corporate headquarters will be relocated to its pre-existing Denver, Colorado office effective immediately.
In addition, the Company will close its New York City and Roswell, New Mexico offices, with the transition and elimination of affected personnel and offices expected to begin in the fourth quarter and be completed by March 31, 2016. Warren expects this consolidation of offices will create both financial and organizational efficiencies by centralizing Company management and streamlining operations. The Company expects one-time costs associated with this consolidation of offices and personnel will be approximately $1.5 million, and that the Company will realize G&A savings in the range of $1.5 million per year as a result of this consolidation thereafter.
Additionally, interim Chairman Dominick D'Alleva will assume the title of permanent Chairman of the Board. Warren is also in the process of the search for a permanent CEO to replace interim CEO Lance Peterson.
In announcing the decision, Mr. D'Alleva commented, "New York has proudly served as the headquarters for Warren Resources since the Company's founding in 1990. In addition, with our recent Marcellus acquisition and establishment of our Denver office, a significant amount of the Company's business is now being conducted in the Denver office. We have an extremely talented team in Denver that not only operates the Marcellus Business Unit, but also has taken an active role in operating our Wyoming and California Business Units." Mr. D'Alleva continued, "Warren has taken impactful steps over the past nine months to create liquidity, right size capital budgets, become more efficient by reducing costs and also optimizing production in its business units. I commend our current leadership and all employees for their commitment to the current and future success of Warren Resources. The initiatives announced today will continue our goal to create a more efficient, focused Company.
"We are in the process of reviewing a number of qualified candidates to assume the role of CEO. We look forward to announcing this appointment upon completion of our review process."
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