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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

offering.

WRES has a day range of $2.75 - $2.83, with a 52-week range of $2.08 - $3.41.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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