Warren Resources, Inc. (“Warren” or the “Company”) (WRES) today announced that President and Chief Executive Officer James A. Watt was appointed a director effective November 23, 2015. Mr. Watt will fill one of the current vacancies on the Board of Directors and will stand for re-election at the 2016 annual meeting of stockholders.
In addition, Frank T. Smith, Jr. has been appointed Senior Vice President and Chief Financial Officer of the Company effective November 25, 2015. Brian Gelman, who has served as Interim Chief Financial Officer since November 6, 2015, has stepped down from this role and will continue as Chief Accounting Officer and Controller.
“We are pleased to appoint Jim as a director. We believe his role as President and Chief Executive Officer and his leadership experience will make him a valuable addition to the Board,” said Chairman of the Board Dominick D’Alleva.
Mr. Watt said, “We are also pleased to welcome Frank to the Warren management team. Frank is an exceptional hire for Warren and we believe that his decades of experience with oil and gas finance and as a chief financial officer will provide the Company with sophisticated and sound financial judgment as we navigate through the current economy and take the Company to the next level.”
“I look forward to working alongside the Warren Board, Jim and the rest of the management team, and I believe that, with fiscal discipline and hard work, the Company will be well positioned to continue deleveraging and to return to a trajectory of growth,” said Mr. Smith.
Mr. Watt added, “The Board also wants to thank Brian for his service and looks forward to again working with him as Chief Accounting Officer and Controller.”
About Frank T. Smith, Jr.
Mr. Smith, age 69, has over 40 years of experience in the global oil and gas industry. Mr. Smith has served as Senior Vice President and Chief Financial Officer of Dune Energy, Inc. since 2007 and as Secretary since January 2012. Prior to his appointment at Dune Energy, Inc., he served as President and Chief Financial Officer of Sonoran Energy, Inc. From 2004 through 2006, Mr. Smith served as Senior Vice President—Finance and Corporate Secretary of Remington Oil and Gas Corp., which was acquired by Helix Energy Solutions Group, Inc. in June 2006. From June 1997 through 2003, Mr. Smith served as Executive Vice President and Manager of energy lending at the Bank of Texas. From 1990 through 1997, Mr. Smith served as Director in the energy and utilities division of the First National Bank of Boston. Prior to 1990, Mr. Smith held positions of increasing responsibility in the energy banking departments of other major, publicly-traded United States financial institutions. Mr. Smith received an MBA in Corporate Finance & Banking from the University of Pennsylvania (Wharton School). He also holds M.Ed and B.S. degrees from the University of Delaware.
About Warren Resources
Warren Resources, Inc. is an independent energy company engaged in the acquisition, exploration, development and production of domestic oil and natural gas reserves. Warren’s activities are primarily focused on oil in the Wilmington field in the Los Angeles Basin in California, natural gas in the Marcellus Shale in Pennsylvania, and the Washakie Basin of Wyoming.
