SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE O—SUBSEQUENT EVENTS Management On January 1, 2016 and January 5, 2016, respectively, the Company entered into Consulting Services Agreements (the "Consulting Agreements") with each of Jeffrey Keeler, former Vice President of Corporate Development, and Somalya Law PLLC, of which the Company's former Senior Vice President, General Counsel and Corporate Secretary, Saema Somalya, is the sole proprietor (the "Consultants"), for a transitional period following their respective departures. Under the terms of the Consulting Agreements, Mr. Keeler will be engaged as a consultant in order to effect an orderly transition of corporate development and human resources matters, and Somalya Law PLLC will be engaged as a consultant in order to effect an orderly transition of legal matters. The Consulting Agreements for Mr. Keeler and Somalya Law PLLC will commence on January 1, 2016 and January 5, 2016, respectively, and will remain in effect for an initial term through March 31, 2016, unless earlier terminated by the Consultant upon 2 weeks written notice. After completion of the initial term, each of the Consulting Agreements will continue on a month to month basis under the same terms unless earlier terminated by the Company or the Consultant. Prior to entering into the Consulting Agreements, as previously disclosed, each of Mr. Keeler and Ms. Somalya was separated from employment with the Company effective December 31, 2015 and Stewart Skelly, the former Vice President and Chief Financial Officer was separated effective November 6, 2015. Each of these former officers was required under the terms of his or her respective Retention Agreement dated October 15, 2015 (each, a "Retention Agreement") to deliver an irrevocable release in order to receive certain payments and benefits thereunder upon their departure from the Company. In connection with this requirement, each of Mr. Keeler, Ms. Somalya and Mr. Skelly has entered into a Separation Agreement with the Company (each a "Separation Agreement"), pursuant to which each of these former officers provides a release of claims and also a commitment to customary continuing obligations, including without limitation, covenants regarding non-competition, non-solicitation, and non-disclosure. Accordingly, provided that the relevant former officer does not revoke his release prior to January 5, 2016 in the case of Mr. Keeler or January 6, 2016 in the case of Mr. Skelly, as previously disclosed, Mr. Keeler will receive a lump sum cash payment of $306,250 and Mr. Skelly will receive a lump sum cash payment of $275,000. In addition, each of Mr. Keeler and Mr. Skelly will receive reimbursement for a certain period of medical care coverage pursuant to COBRA, which, if elected, will expire on the earlier of the date that the former officer obtains coverage from a subsequent employer, the date that he is otherwise ineligible for continued medical coverage under COBRA and September 1, 2016 for Mr. Keeler and August 6, 2016 for Mr. Skelly. Ms. Somalya's release was irrevocable upon delivery on December 31, 2015, and accordingly, she will receive a lump sum cash payment of $250,000 and reimbursement for a certain period of medical care coverage pursuant to COBRA, which, if elected, will expire on the earlier of the date that Ms. Somalya obtains coverage from a subsequent employer, the date that she is otherwise ineligible for continued medical coverage under COBRA and September 1, 2016. On February 8, 2016, the Company entered into the First Amendment (the "First Amendment") to the Separation Agreement and General Release dated December 28, 2015 (the "Separation Agreement") with Mr. Stewart Skelly, the Company's former Vice President and Chief Financial Officer. Under the terms of the First Amendment, Mr. Skelly has agreed to waive reimbursement of all further COBRA premiums to which he is entitled under the Separation Agreement in consideration for a lump sum payment of $5,000 from the Company. All other provisions of the Separation Agreement remain in full force and effect. On February 15, 2016, Chief Accounting Officer Brian Gelman notified the Company of his decision to resign from all positions with the Company effective immediately. He will be pursuing other opportunities in connection with the closure of the New York City offices in which he is located. On February 16, 2016, Mr. Gelman entered into a Separation and Release Agreement with the Company (the "Separation Agreement") in connection with his departure from the Company. Pursuant to the Separation Agreement, Mr. Gelman provides a release of claims and also a commitment to customary continuing obligations, including without limitation, covenants regarding non-competition, non-solicitation, and non-disclosure. Accordingly, provided that Mr. Gelman does not revoke his release prior to February 23, 2016, he will be entitled to receive the severance benefits provided to him under the terms of the Retention Agreement that he signed with the Company on November 3, 2016 (the "Retention Agreement"), which shall include a lump sum cash payment of $121,000, plus reimbursement for a certain period of medical care coverage pursuant to COBRA, which, if elected, will expire on the earlier of the date that Mr. Gelman obtains coverage from a subsequent employer, the date that he is otherwise ineligible for continued medical coverage under COBRA and August 31, 2016. In addition, also on February 16, 2016, Mr. Gelman and the Company entered into a Consulting Services Agreement for a transitional period from February 16, 2016 through March 31, 2016, unless earlier terminated by Mr. Gelman upon 2 weeks written notice. On February 15, 2016, the Board of Directors of the Company appointed John R. Powers, age 62, to serve as Vice President, Chief Accounting Officer and Controller. Mr. Powers has served as the Company's VP—Accounting since December 2015. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard On June 24, 2015, Warren Resources, Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department of The NASDAQ Stock Market (the "Staff") notifying the Company that, for the 30 consecutive business days preceding June 24, 2015, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Global Market ("NASDAQ") pursuant to NASDAQ Listing Rule 5450(a)(1) (the "Rule"). In accordance with the Nasdaq Listing Rules, the Company was provided 180 calendar days, or until December 21, 2015, to regain compliance with the Rule, during which time it would be required to maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. The Company was unable to regain compliance with the Rule by December 21, 2015. Accordingly, on December 22, 2015, the Company received a letter from the Staff notifying it that the Company's common stock would be subject to delisting from The NASDAQ Global Market unless the Company timely requested a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"). On February 18, 2016, the Company received a deficiency letter from the Staff notifying the Company that for the last 30 consecutive business days the market value of the Company's publicly held shares has been below the minimum $15 million market value of publicly held shares requirement for continued listing on NASDAQ as set forth in NASDAQ Listing Rule 5450(b)(3)(C) ("Rule 2"). In accordance with the NASDAQ Listing Rules, the Company has been provided a grace period of 180 calendar days, through August 16, 2016, to evidence compliance with Rule 2. In order to satisfy Rule 2, the Company must evidence a market value of publicly held shares of at least $15 million for a minimum of 10 consecutive business days. The notice has no effect on the listing or trading of the Company's common stock on NASDAQ during the 180 day grace period. On March 7, 2016, the Company received a decision letter from the the Panel indicating that Warren's common stock is permitted to continue to trade on the Nasdaq Global Market through June 20, 2016. The continued listing of the Company's common stock is contingent on the Company (i) providing the Panel with an update regarding its restructuring efforts on or before April 20, 2016 and (ii) completing a reverse stock split that results in a minimum closing bid price of $1.00 for a minimum of ten consecutive trading days prior to June 20, 2016. The Panel noted that it may, at its discretion, require that the minimum closing bid price of $1.00 be met for greater than ten trading days. The Panel's decision is subject to review of the Nasdaq Listing and Hearing Review Council, which may affirm, modify, reverse, dismiss or remand the decision of the Panel. The Panel informed the Company that, if the Company is unable to maintain compliance with the minimum bid requirement prior to June 20, 2016, the Panel will issue a final delist determination and immediately suspend all trading in the Company's common stock.

NOTE O—SUBSEQUENT EVENTS

Management

On January 1, 2016 and January 5, 2016, respectively, the Company entered into Consulting Services Agreements (the "Consulting Agreements") with each of Jeffrey Keeler, former Vice President of Corporate Development, and Somalya Law PLLC, of which the Company's former Senior Vice President, General Counsel and Corporate Secretary, Saema Somalya, is the sole proprietor (the "Consultants"), for a transitional period following their respective departures. Under the terms of the Consulting Agreements, Mr. Keeler will be engaged as a consultant in order to effect an orderly transition of corporate development and human resources matters, and Somalya Law PLLC will be engaged as a consultant in order to effect an orderly transition of legal matters. The Consulting Agreements for Mr. Keeler and Somalya Law PLLC will commence on January 1, 2016 and January 5, 2016, respectively, and will remain in effect for an initial term through March 31, 2016, unless earlier terminated by the Consultant upon 2 weeks written notice. After completion of the initial term, each of the Consulting Agreements will continue on a month to month basis under the same terms unless earlier terminated by the Company or the Consultant.

Prior to entering into the Consulting Agreements, as previously disclosed, each of Mr. Keeler and Ms. Somalya was separated from employment with the Company effective December 31, 2015 and Stewart Skelly, the former Vice President and Chief Financial Officer was separated effective November 6, 2015. Each of these former officers was required under the terms of his or her respective Retention Agreement dated October 15, 2015 (each, a "Retention Agreement") to deliver an irrevocable release in order to receive certain payments and benefits thereunder upon their departure from the Company. In connection with this requirement, each of Mr. Keeler, Ms. Somalya and Mr. Skelly has entered into a Separation Agreement with the Company (each a "Separation Agreement"), pursuant to which each of these former officers provides a release of claims and also a commitment to customary continuing obligations, including without limitation, covenants regarding non-competition, non-solicitation, and non-disclosure. Accordingly, provided that the relevant former officer does not revoke his release prior to January 5, 2016 in the case of Mr. Keeler or January 6, 2016 in the case of Mr. Skelly, as previously disclosed, Mr. Keeler will receive a lump sum cash payment of $306,250 and Mr. Skelly will receive a lump sum cash payment of $275,000. In addition, each of Mr. Keeler and Mr. Skelly will receive reimbursement for a certain period of medical care coverage pursuant to COBRA, which, if elected, will expire on the earlier of the date that the former officer obtains coverage from a subsequent employer, the date that he is otherwise ineligible for continued medical coverage under COBRA and September 1, 2016 for Mr. Keeler and August 6, 2016 for Mr. Skelly. Ms. Somalya's release was irrevocable upon delivery on December 31, 2015, and accordingly, she will receive a lump sum cash payment of $250,000 and reimbursement for a certain period of medical care coverage pursuant to COBRA, which, if elected, will expire on the earlier of the date that Ms. Somalya obtains coverage from a subsequent employer, the date that she is otherwise ineligible for continued medical coverage under COBRA and September 1, 2016.

On February 8, 2016, the Company entered into the First Amendment (the "First Amendment") to the Separation Agreement and General Release dated December 28, 2015 (the "Separation Agreement") with Mr. Stewart Skelly, the Company's former Vice President and Chief Financial Officer. Under the terms of the First Amendment, Mr. Skelly has agreed to waive reimbursement of all further COBRA premiums to which he is entitled under the Separation Agreement in consideration for a lump sum payment of $5,000 from the Company. All other provisions of the Separation Agreement remain in full force and effect.

On February 15, 2016, Chief Accounting Officer Brian Gelman notified the Company of his decision to resign from all positions with the Company effective immediately. He will be pursuing other opportunities in connection with the closure of the New York City offices in which he is located.

On February 16, 2016, Mr. Gelman entered into a Separation and Release Agreement with the Company (the "Separation Agreement") in connection with his departure from the Company. Pursuant to the Separation Agreement, Mr. Gelman provides a release of claims and also a commitment to customary continuing obligations, including without limitation, covenants regarding non-competition, non-solicitation, and non-disclosure. Accordingly, provided that Mr. Gelman does not revoke his release prior to February 23, 2016, he will be entitled to receive the severance benefits provided to him under the terms of the Retention Agreement that he signed with the Company on November 3, 2016 (the "Retention Agreement"), which shall include a lump sum cash payment of $121,000, plus reimbursement for a certain period of medical care coverage pursuant to COBRA, which, if elected, will expire on the earlier of the date that Mr. Gelman obtains coverage from a subsequent employer, the date that he is otherwise ineligible for continued medical coverage under COBRA and August 31, 2016. In addition, also on February 16, 2016, Mr. Gelman and the Company entered into a Consulting Services Agreement for a transitional period from February 16, 2016 through March 31, 2016, unless earlier terminated by Mr. Gelman upon 2 weeks written notice.

On February 15, 2016, the Board of Directors of the Company appointed John R. Powers, age 62, to serve as Vice President, Chief Accounting Officer and Controller. Mr. Powers has served as the Company's VP—Accounting since December 2015.

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard

On June 24, 2015, Warren Resources, Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department of The NASDAQ Stock Market (the "Staff") notifying the Company that, for the 30 consecutive business days preceding June 24, 2015, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Global Market ("NASDAQ") pursuant to NASDAQ Listing Rule 5450(a)(1) (the "Rule"). In accordance with the Nasdaq Listing Rules, the Company was provided 180 calendar days, or until December 21, 2015, to regain compliance with the Rule, during which time it would be required to maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.

The Company was unable to regain compliance with the Rule by December 21, 2015. Accordingly, on December 22, 2015, the Company received a letter from the Staff notifying it that the Company's common stock would be subject to delisting from The NASDAQ Global Market unless the Company timely requested a hearing before a NASDAQ Listing Qualifications Panel (the "Panel").

On February 18, 2016, the Company received a deficiency letter from the Staff notifying the Company that for the last 30 consecutive business days the market value of the Company's publicly held shares has been below the minimum $15 million market value of publicly held shares requirement for continued listing on NASDAQ as set forth in NASDAQ Listing Rule 5450(b)(3)(C) ("Rule 2"). In accordance with the NASDAQ Listing Rules, the Company has been provided a grace period of 180 calendar days, through August 16, 2016, to evidence compliance with Rule 2. In order to satisfy Rule 2, the Company must evidence a market value of publicly held shares of at least $15 million for a minimum of 10 consecutive business days. The notice has no effect on the listing or trading of the Company's common stock on NASDAQ during the 180 day grace period.

On March 7, 2016, the Company received a decision letter from the the Panel indicating that Warren's common stock is permitted to continue to trade on the Nasdaq Global Market through June 20, 2016. The continued listing of the Company's common stock is contingent on the Company (i) providing the Panel with an update regarding its restructuring efforts on or before April 20, 2016 and (ii) completing a reverse stock split that results in a minimum closing bid price of $1.00 for a minimum of ten consecutive trading days prior to June 20, 2016. The Panel noted that it may, at its discretion, require that the minimum closing bid price of $1.00 be met for greater than ten trading days. The Panel's decision is subject to review of the Nasdaq Listing and Hearing Review Council, which may affirm, modify, reverse, dismiss or remand the decision of the Panel.

The Panel informed the Company that, if the Company is unable to maintain compliance with the minimum bid requirement prior to June 20, 2016, the Panel will issue a final delist determination and immediately suspend all trading in the Company's common stock.