Warren Resources Inc.

Warren Resources Inc., New York, (NasdaqGM: WRES) reports it is considering the sale of assets to improve liquidity. Warren focuses on Wilmington Field in California and coalbed-methane properties in the Washakie Basin in Wyoming. Proved reserves year-end 2008 were 129.3 billion cubic feet equivalent (91.7 billion proved developed producing). Production for 2008 was 9 billion cubic feet equivalent. "Until the credit crisis and oil and gas commodity prices improve, we intend to optimize production without drilling new wells while effecting cost efficiencies,"says Norman F. Swanton, chairman and chief executive officer. "We are also pursuing various measures to further improve our long-term liquidity, including possible asset sales, volumetric production payments, commodity price hedging and other monetization of assets strategies.'" Warren began 2009 with $29.7 million of cash on hand and more than $23 million under its credit facility. Swanton says the company is in full compliance with all terms and covenants of its credit facility. Contact David Fleming, 212-697-9660.