Warren Resources Announces Relocation of Corporate Headquarters to Denver, Colorado
WARREN RESOURCES (WRES)
US:NASDAQ Investor Relations:
phx.corporate-ir.net/3wnu.url
Company Research
Source: GlobeNewswire
NEW YORK, Sept. 30, 2015 (GLOBE NEWSWIRE) -- Warren Resources, Inc. (NASDAQ:WRES) today announced that the corporate headquarters will be relocated to its pre-existing Denver, Colorado office effective immediately. In addition, the Company will close its New York City and Roswell, New Mexico offices, with the transition and elimination of affected personnel and offices expected to begin in the fourth quarter and be completed by March 31, 2016. Warren expects this consolidation of offices will create both financial and organizational efficiencies by centralizing Company management and streamlining operations. The Company expects one-time costs associated with this consolidation of offices and personnel will be approximately $1.5 million, and that the Company will realize G&A savings in the range of $1.5 million per year as a result of this consolidation thereafter. Additionally, interim Chairman Dominick D'Alleva will assume the title of permanent Chairman of the Board. Warren is also
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