|
|
|
|---|
 |
 |
 |
 |
|---|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|---|
 |
 |
 |
 |
|
|---|---|---|---|---|
 |
||||
 |
 |
 |
|---|
 |
 |
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
  |
Arena Resources Announces Rig Purchase and Acceleration of 2006 CAPEX Budget Rig anticipated to be in operation by end of first quarter 2006 Tulsa, Oklahoma — December 8, 2005 — Arena Resources, Inc. (AMEX: ARD, ARD.WS) ("Arena") ("Company") announced today it has purchased a drilling rig which initially will be used exclusively as a second rig on the Company's Fuhrman-Mascho leases in Andrews County, Texas . The rig is currently being refurbished and will be capable of drilling to a depth of 9,000 feet. Management initiated development work on the Fuhrman-Mascho in mid April, 2005 with one contract drilling rig and projects it will drill and complete 35 development wells and re-frac 20 existing wells by year end 2005. The $1.5 million cost of the rig will be paid from current cash balances. Prior to the purchase of the rig, management had announced an estimated 2006 capital expenditure budget of $35 million, which included the anticipated drilling of 90 development wells and over 40 re-fracs and re-entries. With the addition of the second drilling rig, the Company estimates it will drill approximately 130 development wells out of its inventory of over 540 drilling locations and perform over 70 re-fracs and re-entries on an estimated 2006 capital expenditure budget of $55 – $60 million, exclusive of any additional acquisitions; however, management will examine and refine the proposed budget more closely at year end. The Company will finance the accelerated budget through current cash balances, anticipated cash flow from operations and, if necessary, by utilizing its currently unused $50 million bank credit facility. Mr. Tim Rochford, President and CEO stated, "The increase in the 2006 budget is directly related to the accelerated development schedule of our Fuhrman-Mascho lease. Our new rig will be used only on our own properties and allows us to plan ahead without the current uncertainties of increased costs and rig availability. We anticipate the rig to be in operation on our Fuhrman-Mascho lease no later than the end of the first quarter 2006."
|
|||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
| 12.08.05 Arena Resources Announces Rig Purchase and Acceleration of 2006 CAPEX Budget |
||||||||||||||||
| ............................................ 11.17.05 Arena Resources Increases 2005 Capital Expenditure to $24 Million |
||||||||||||||||
| ............................................ 11.01.05 Arena Resources, Inc. Announces Record Third Quarter and Nine Month 2005 Financial and Operating Results |
||||||||||||||||
| ............................................ 10.19.05 Arena Resources, Inc. Provides Third Quarter 2005 Operations Update |
||||||||||||||||
............................................ |
||||||||||||||||
| ............................................ 08.02.05 Arena Resources, Inc. Announces Completion of Texas Properties Acquisition |
||||||||||||||||
| ............................................ 07.29.05 Arena Resources Announces Second Quarter and Six Month 2005 Financial and Operating Results |
||||||||||||||||
| ............................................ 07.14.05 Arena Resources, Inc. Provides Second Quarter 2005 Operations Update; Increases Capital Expenditure Budgets |
||||||||||||||||
| ............................................ 07.13.05 Arena Resources, Inc. Announces Receipt of $10 Million in Private Investment Funds |
||||||||||||||||
| ............................................ 05.25.05 Arena Resources, Inc. Announces Letter of Intent on Texas Properties |
||||||||||||||||
| ............................................ 05.11.05 Arena Resources Announces First Quarter 2005 Financial and Operating Results |
||||||||||||||||
............................................ |
||||||||||||||||
| ............................................ 03.29.05 Arena Resources, Inc. to Host Meetings at Howard Weil Energy Conference |
||||||||||||||||
| ............................................ 03.24.05 Arena Resources, Inc. Announces Acquisition of 17,500 Acres in Kansas |
||||||||||||||||
| ............................................ 03.18.05 Arena Resources Announces Record Financial and Operational Results for Fourth Quarter and Year End 2004 |
||||||||||||||||
| ............................................ 03.04.05 Arena Resources, Inc. Announces 2004 Year End Production and Reserves |
||||||||||||||||
| ............................................ 02.22.05 Arena Resources, Inc. Receives $5 Million from Warrant Exercise |
||||||||||||||||
| ............................................ 02.01.05 Arena Resources, Inc. Provides Fourth Quarter 2004 Operations Update and Announces 2005 Capital Budget of $15 Million |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
| © COPYRIGHT 2001-2008 ARENA RESOURCES, INC. ALL RIGHTS RESERVED. |
| COMPANY PROFILE :: MANAGEMENT TEAM :: INVESTOR RELATIONS RESEARCH :: PRESS RELEASES/CONFERENCE CALLS :: CORPORATE GOVERNANCE ARENA PRESENTATION :: SEC FILING :: CONTACT US |
