Warren Resources Announces Third Quarter 2010 Results

• Record Oil and Gas Production of 2.8 Bcfe in the Third Quarter of 2010, an Increase of 20% from the Third Quarter of 2009
• Oil and Gas Revenue Increases 41% to $23.1 Million over 2009
• Net Earnings Increase 99% to $4.3 Million, or $0.06 per Diluted Share, for the Third Quarter
• Cash Flow from Operations Increases 178% to $16.1 Million for the Quarter
• Oil Production Increased to over 265,000 barrels for the Third Quarter of 2010, an increase of 17% from 2009

NEW YORK, Nov. 3, 2010 (GLOBE NEWSWIRE) -- Warren Resources, Inc. (Nasdaq:WRES) today reported its third quarter 2010 financial and operating results. Warren reported net income of $4.3 million for the third quarter of 2010, or $0.06 per diluted share, compared to net income of $2.2 million for the third quarter of 2009, or $0.04 per diluted share. Net income for the third quarter of 2010 was decreased by a non-cash, mark-to-market derivative loss of $2.4 million, or $0.03 per diluted share.

Third Quarter of 2010 Results

Warren's oil and gas revenues increased 41% to $23.1 million for the third quarter of 2010 compared to $16.4 million in the third quarter of 2009. This increase primarily resulted from increased production and higher realized sales prices for oil and gas in the third quarter of 2010 compared to the third quarter of 2009.

Warren's oil and gas production for the quarter ended September 30, 2010 increased 20% to a record 2.8 billion cubic feet equivalent ("Bcfe") compared to 2.4 Bcfe in the third quarter of 2009. In the third quarter of 2010, Warren produced 265,000 net barrels of oil and 1.3 billion cubic feet ("Bcf") of natural gas compared to 226,000 net barrels of oil and 1.0 Bcf of natural gas in the third quarter of 2009.