Tunkhannock, Pennsylvania Wilmington Field, California Ensuring Stability, Growing Shareholder Value Atlantic Rim, Wyoming Imperial Capital Global Opportunities Conference September 17, 2015
Warren Resources - Snapshot Key Statistics Market Capitalization 44 MM1 1H15 Production Ratio 82% Natural Gas / 18% Oil Net Proved Net 1H15 Net Area Reserves as Acreage Production of 12/31/14 Appalachian 5,289 60.2 MMcf/d…
A Focused Business Strategy Right-size Capital Spending 21 MM front end loaded capex budget for 2015 tracks cash flow Optimize Operating Metrics and Asset Intensity Reduced LOE and G&A per Mcfe by 22% and 18% respectively over past…
Recent Major Milestones: Reinforcing Financial Stability May 2015 GSO/Franklin Square Financing Replaced existing bank facility and added 202 MM of new money Retired 22 MM of unsecured debt 30 MM delayed draw feature Flexibility…
2015 Guidance1 2015 Capex Budget 2015 Production Guidance Full Year ending December 31, 2015 21 Million Oil (MBbl) 900 1,000 Gas (MMcf)2 28,000 30,000 PENNSYLVANIA 13 Total - Gas Equivalent (Mmcfe) 33,400 36,000 o Natural Gas…
Second Quarter Accomplishments Per Mcfe LOE and G&A down 22% and 18%, respectively, over the past two quarters Achieved production at top end of guidance with Marcellus and CA business units outperforming projections Conducted…
Sales Agreements - Marcellus NE PA Basis Differential Hedges(1) NE PA Natural Gas Hedge Realization(1) 60,000 60,000 2.50 2.00 50,000 50,000 1.98 1.94 1.82 1.72 1.50 40,000 40,000 1.00 30,000 0.50 Mcf/day 30,000…
Marcellus Operations Investing in the Future of Energy NASDAQ (WRES) 10
Operational Update and Efficiency Improvements Key Points Marcellus Drilling Performance Continually capturing operational efficiencies Days vs. Depth Drilling Days while remaining focused on additional tangible 0 0 5 10 15 20 25 30…
Field Infrastructure and Marketing Key Points Pipeline and Gathering System Map Operational infrastructure system in place to support full field development including Upper Marcellus development Ample takeaway capacity of 285,000…
Multiple Upside Opportunities in the Marcellus Upside Initiatives Resource Potential Upside(1) 1. Increase EURs booked in proved 600 Upper Marcellus Potential reserves by proving-up greater recovery factor of OGIP 500 Lower…
Proving-up greater recovery factor of OGIP Key Points Marcellus Production Performance Actual production continues to 70,000 outperform NSAI proved estimates 60,000 Decline from production shallower than 3P estimates with…
Upper Marcellus Results Key Points Upper Marcellus GIP Map and Locations Both locations have been flowing back for 2+ weeks Combined initial rate of 17,500 Mcf/day flowing to sales 5% of completion fluid recovered Pads and…
California Operations Investing in the Future of Energy NASDAQ (WRES) 17
Wilmington Field Overview Salt Lake Key Points Beverly Hills Los Angeles Operated by Warren Chevice Hills Montebello 2,476 gross, 2,460 net acres Bandin Englewood Brea-Olenda Sante Fe Springs Playa Del Rey Yorba Average…
Wilmington Field Development Key Points Wilmington Drilling Performance Team has been very successful in Days vs. Depth WTU Days vs. Depth NWU capturing efficiency gains during Ranger Ranger 0 development and is keenly focused on…
Wyoming Assets Investing in the Future of Energy NASDAQ (WRES) 20
Wyoming Deep Potential: Producing Zones Atlantic Rim Zones Following the expected sale of the Wyoming assets Warren Deep Creek Field 150,000 bbls oil & expects to retain the substantial majority of pre-existing 2.5 Bcf deep rights…
Historical Financial Results Chart(MMcfe/d) Production Title (2) Revenue (MM)(2) Oil Production (Mmcfe/d) Gas Production (Mmcfe/d) 160.0 150 80 129 134 122 90.2 62.5 120.0 103 60 88 40 33.3 35.2 80.0 63 26.3 28.7 28.7 20…
Why Invest in Warren Resources, Inc Key Points High Quality Assets Low decline water flood oil production with best in class lifting expense, 20/Bbl Core of the core Marcellus Shale position Moderate decline profile outperforming 3P…
Proved Reserves: YE 2014 Asset Summary Natural Gas Reserves 500 Estimated Proved Reserves of 428 Bcfe 375 76% gas, 60% proved developed (PDP/PDNP) Bcf 250 124.1 125 203.3 - Gas PDP/PDNP Gas PUD Estimated Proved…
2014 Reserve Summary1 Net Oil Net Gas Net Total PV-10 Reserve Category (MMBbls) (Bcf) (Bcfe) (MM) PDP 8 153 204 396 PDNP 0 50 51 64 PUD 8 124 173 149 Total Proved 16 327 428 609 PROB 4 53 75 77 POSS 4 73 95 97 Total Probable and…
Non-GAAP Reconciliation: EBITDA EBITDA Reconciliation Year Ended December 31, Trailing 12 months (MM) 2011 2012 2013 2014 6/30/15 Net Income/Loss 21.6 15.5 30.4 24.0 (182.5) Interest Expense 3.2 3.3 3.0 9.6 20.2 Income Taxes…
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