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Warren Resources prices 11.8M offering

posted: 33 DAYS 20 HOURS AGO

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NEW YORK -Oil and gas exploration and production company Warren Resources Inc. on Friday priced its 11.8 million common stock offering at $2.60 per share, a 14 percent discount from Thursday's closing price.

Shares of the company fell 42 cents, or 14 percent, to $2.61 in midday trading. The shares closed previously at $3.03.

Proceeds, estimated at about $30.6 million, will fund general corporate purposes, including development activities in California and Wyoming, debt reduction and working capital, said the company.

Warren expects the transaction to close around Oct. 28.

2009-10-23 12:18:49

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