DENVER, Dec. 14, 2015 (GLOBE NEWSWIRE) — Warren Resources, Inc. (“Warren” or the “Company”) (NASDAQ:WRES) today announced an update on corporate restructuring initiatives following the recent appointments of James A. Watt as President and Chief Executive Officer and Frank T. Smith, Jr. as Senior Vice President and Chief Financial Officer.
The Company is pleased to announce the appointment of Mr. John R. Powers as Vice President – Accounting effective today. The appointment of Mr. Powers completes the finance management team, which, coupled with the Company’s operating executive personnel in Denver, California and Dallas, will provide the core management of the Company on a go forward basis.
John R. Powers, 60, was Vice-President and Chief Accounting Officer for Dune Energy, Inc. from July of 2007 until September of 2015. From March of 1999 until May of 2005 he was Operation Manager, Southwest Wholesale. He was Special Projects Coordinator, Citation Oil and Gas Corporation from April of 1996 until June of 1998. From April of 1987 until March of 1996 he served as Accounting Consultant, Citation Oil and Gas Corporation. He was Accounting Consultant for Black Stone Oil Company from April of 1985 until May of 1987. From June of 1978 until August of 1984 he was an Audit Manager for Author Young & Company. He received a Bachelor’s of Business Administration in Finance from the University of Texas in 1975 and a Masters of Science in Accountancy from the University of Houston in 1978.
In addition, the Company also confirms that closure of the New Mexico office was completed successfully as of December 1, 2015 and that closure of the New York office is on track for completion as of March 31, 2016. Senior Vice President, General Counsel and Corporate Secretary Saema Somalya, Vice President of Corporate Development Jeffrey Keeler and Chief Accounting Officer and Controller Brian Gelman, will be leaving the Company on or prior to March 31, 2016 in order to pursue other opportunities in connection with the closure of this office. As previously disclosed, these officers are subject to retention agreements in order to facilitate smooth transition of all relevant matters under their purview to the new management team.
James A. Watt, President and Chief Executive Officer of the Company stated “We want to welcome John to Warren and also to thank Saema, Jeff and Brian for all their contributions, including their partnership in a smooth transition. Going forward, Warren has a strong organization in place that is ready to focus on the balance sheet and position the Company for growth once the current downturn in commodity prices abates.”