"We are an independent energy company engaged in the acquisition, exploration, development and production of domestic onshore crude oil and gas reserves. We focus our exploration and development activity in our waterflood oil recovery properties in the Wilmington Field within the Los Angeles Basin of California, our coalbed methane natural gas, assets in the Rocky Mountain region and our position in the “core-of-the-core” of the Marcellus shale in northeastern Pennsylvania".
Warren Resources has just exited Chapter 11 bankruptcy in October, with a much lower debt load. The debt for equity swap involved means the oil driller is now owned by some of its lenders, including several FS Investment BDC funds. However, the success of the Company remains in question, both for current lenders and equity holders. The debt in the Company was written down by 30% in the quarter ended June, down from a 20% discount in the IQ. However, we expect a re-classification and possible increase in the value thanks to the BK completion in the IIIQ 2016 valuation.