UPDATE: Warren Resources Shares Drop 3% on Pullback of Private Placement
Shares of Warren Resources Inc. ( WRES ) are now down near 3% at $2.77 after announcing yesterday after hours that it is postponing a $200-mln private placement of senior notes, citing current upheaval in the global credit markets.
"Conditions in the debt capital markets have led us to conclude that we should
delay our offering," according to Philip Epstein, CEO and board chairman at
the company. "We have the flexibility to be opportunistic about timing" of the
WRES has a day range of $2.75 - $2.83, with a 52-week range of $2.08 - $3.41.
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