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New York City oil and gas explorer Warren Resources Inc. said Tuesday, Sept. 4, it exercised its preferential rights to buy more oil, natural gas and infrastructure assets in the Atlantic Rim Project area in Wyoming's Washakie Basin from units of Anadarko Petroleum Corp. of the Woodlands, Texas, for $21 million. Warren general counsel David Fleming said in an interview that the company still needs to negotiate purchase and sale agreements for the properties and hasn't hired outside counsel, although it usually uses Patton Boggs LLP and Baker Botts LLP. Warren chose to exercise its rights after Anadarko said it had agreed to sell the assets to another party. Warren expects to close the deal by Sept. 27 and become operator of the Spyglass Hull Unit and the infrastructure assets, in which it believes it can lower operating costs. Warren CEO Espy Price said the acquisition provides the company with increases in production and proved reserves at a competitive price, positions it to boost earnings and cash flow as gas prices recover and expands its acreage position in the coalbed methane assets and prospective, deeper formations, including the Niobrara.
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