Warren Resources Inc., New York, (Nasdaq: WRES) plans to acquire oil and gas properties and related assets of five drilling programs in Wyoming, New Mexico and California in separate deals from undisclosed sellers for a total of $37.6 million in stock. The assets were formed by Warren and the company serves as managing general partner. The deals require approval of partners owning 51% of the interests of a drilling program. The acquisition includes producing wells and 21.3 coalbed-methane wells net to Warren. The coalbed-methane wells are current in the process of being dewatered. Proved developed producing reserves are approximately 9.9 billion cubic feet of gas equivalent.
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