Arena Resources, Inc. Announces First Quarter 2003 Results
Tulsa, Oklahoma — May 15, 2003 — Arena Resources, Inc. (AMEX: ARD) ("Arena") announced today financial results for the first quarter ended March 31, 2003. Arena had net income of $195,659 before preferred stock dividends on oil and gas revenues of $807,021 compared to net income of $20,078 before preferred stock dividends on oil and gas revenues of $143,332 for the quarter ended March 31, 2002. Net income after preferred stock dividends was $195,659 or $0.03 per share compared to a net loss of $19,628 or a loss of $0.01 per share for the quarter ended March 31, 2002. Net cash flow from operations increased to $278,264 from $11,408 for the same period in 2002. Production for the quarter ended March 31, 2003 was 25,408 BOE's ( Barrel of Oil Equivalents) compared to 7,892 BOE's for the quarter ended March 31, 2002.

As of March 31, 2003, the Company had net working capital of $1,324,647 compared to $453,709 as of March 31, 2002.

  CONDENSED STATEMENTS OF OPERATIONS
 
Nine Months Ended
March 31, 2003
(Unaudited)
March 31, 2002
(Unaudited)

Oil and Gas Revenues

Costs and Operating Expenses
Oil and gas production costs
Oil and gas production taxes
Depreciation, depletion & amortization
General and administrative expense

Total Costs and Operating Expenses

Other Income (Expense)
Gain from change in fair value of put options
Interest expense

Net Other Expense

Income Before Provision for Income Taxes

Provision for Deferred Income Taxes

Income Before Cumulative Effect of Change in Accounting Principle

Net Income

Preferred Stock Dividends

Income (Loss) Attributable to Common Shares

Basic Income (Loss)
   Per Common Share
Diluted Income (Loss)
   Per Common Share

Basic Weighted-Average
   Common Shares Outstanding
Diluted Weighted-Average
   Common Shares Outstanding

 

 

$  807,021


242,071
53,950
50,219
143,631

489,871


4,775
(9,866)

(5,091)

312,05

116,400

397,771

195,659

—

$    195,659


$           0.03

$           0.03


6,327,609

6,461,091

$   143,332


46,556
7,229
22,648
46,821

123,254


—
—

—

20,078

—

55,868

20,078

39,706

$     (19,628)


$        ( 0.01)

$        ( 0.01)


3,604,500

3,604,500
   
  CONSOLIDATED STATEMENT OF CASHFLOWS
Cash Flow  provided
by operating activities
$    278,264
$     11,408

  CONSOLIDATED BALANCE SHEET DATA
 
March. 31, 2003
(Unaudited)
Dec. 31, 2002
(Audited)

Total Assets
Long-Term Debt
Total Stockholders' Equity
$   6,422,347
$      400,000
$   5,504,235
$   6,050,493
$      400,000
$   5,124,837

  Arena Resources, Inc. is an oil and gas exploration, development and production company with current operations in Oklahoma and Texas.  

This release contains forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the company's strategy and prospects. Readers and investors are cautioned that the company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the company, and other factors that may be more fully described in additional documents set forth by the company.
  For further information contact:
K M Financial, Inc.
Bill Parsons
480-947-1589		  
 
  12.18.03
Arena Resources, Inc. Announces Increase in Bank Credit Facility to $20 Million 		 
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Arena Resources, Inc. Announces Third Quarter and Nine Month
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10.14.03
Arena Resources Enters into Agreements to Acquire 30 Wells in New Mexico and Texas		  
  ............................................
08.14.03
Arena Resources, Inc. Announces Appointment of Clayton
Woodrum as Director 		 
 

............................................
08.12.03
Arena Resources, Inc.
Announces Second
Quarter and Six Month 2003
Financial and Operating Results

  
  ............................................
07.18.03
Arena Resources Closes
Private Placement		  
  ............................................
05.15.03
Arena Resources, Inc. Announces
First Quarter 2003 Results 		 
  ............................................
05.01.03
Arena Resources Acquires Oil
and Gas Production in New Mexico		  
  ............................................
04.14.03
Arena Resources, Inc.
Announces Initial
Trading Date, Symbol on AMEX 		 
  ............................................
03.24.03
Arena Resources, Inc. Approved
for Listing on AMEX 		 
  ............................................
03.10.03
Arena Resources, Inc. Reports
2002 Results 		 
 

............................................
02.11.03
Arena Resources, Inc.
Secures $10 Million
Credit Facility with Bank
of Oklahoma

  
   
       
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