Rockies gas producer Warren files for IPO

摘要

Private New York-based Rockies coalbed methane explorer Warren Resources set plans to"go public"with an IPO Aug 25,filing a prospectus to raise about US70-mil by selling an undisclosed equity stake.The money,along with new borrowing,would go to fund US19-mil of remaining turnkey drilling for Warren-backed private partnerships and a planned US41-mil of capital outlays for its own E&P ventures next year,the filing said.Warren plans 50 net Rockies CBM wells and 38 net wells in its Wilmington oil unit near Los Angeles.From its founding in 1990 until last year Warren was mainly a promoter of private drilling funds,raising US228-mil in 31 partnerships that drilled 470 CBM wells.In 1999 Warren began building its own acreage portfolio and in 2002 formed a CBM joint venture with Anadarko Petroleum to explore a 211,000-acre area of mutual interest in Wyoming's Powder River Basin.