Arena Resources Announces Third Quarter and Nine Month 2003 Financial and Operating Results
Tulsa,Tulsa, Oklahoma — November 6, 2003 — Arena Resources, Inc. (AMEX: ARD) ("Arena") announced today financial results for the third quarter and nine months ended September 30, 2003. Arena had net income of $224,654 or $.03 per share, on oil and gas revenues of $948,947 for the third quarter compared to a net income of $145,744 before preferred stock dividends on oil and gas revenues of $638,962 for the quarter ended September 30, 2002. The Company reported net income of $610,612, or $.09 per share, on oil and gas revenues of $2,597,587 for the nine month period ended September 30, 2003 compared to net income of $201,612 before preferred stock dividends on oil and gas revenues of $949,976 for the nine month period ended September 30, 2002.

Net cash flow from operations for the nine months ended September 30, 2003 was $1,178,024, compared to net cash flow of $228,502 for the same period in 2002.

As of September 30, 2003 the Company had net working capital of $2,413,677 compared to $(93,582) as of September 30, 2002.

Arena's CEO, Mr. Tim Rochford, stated, "We are extremely proud of the results for the third quarter, as it is our third consecutive profitable quarter. We will continue to seek out prospects with existing positive cash flow and the opportunity for further development."

  CONDENSED STATEMENTS OF OPERATIONS
 
Three Months Ended
Nine Months Ended
Sept. 30, 2003
(Unaudited)
Sept. 30, 2002
(Unaudited)
Sept. 30, 2003
(Unaudited)
Sept. 30, 2003
(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
Accretion expense
Interest expense

Net Other Expense

Income Before Provision for
Income Taxes and Cumulative Effect
of Change in Accounting Principle

Provision for Deferred Income Taxes

Income Before Cumulative Effect of Change in Accounting Principle

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

$   948,947


288,915
70,583
76,303
138,814

574,615


3,776
(9,373)
(9,638)

(15,235)



359,097

134,443

224,654

—

224,654

—

$    224,654


$          0.03

$          0.03


7,071,940

8,093,167

$   638,962


214,721
49,351
43.547
59,849

367,468


—
—
(7,343)

(7,343)



264,151

118,407

145,744

—

145,744

177,834

$    (32,090)


$       ( 0.01)

$       ( 0.01)


4,969,621

5,098,001

$  2,597,587


812,533
181,907
197,009
402,896

1,594,345


40,166
(21,998)
(29,473)

(11,305)



991,937

369,512

622,425

11,813

610,612

—

$    610,612


$          0.09

$          0.09


6,628,319

7,043,822

$   949,976


310,793
64,827
84,839
162,155

622,614


—
—
(7,343)

(7,343)



320,019

118,407

201,612

—

201,612

388,991

$   (187,379)


$        ( 0.05)

$        ( 0.05)


4,081,006

4,174,777
   
  CONSOLIDATED STATEMENT OF CASHFLOWS
Cash Flow  provided
by operating activities
$1,178,024
$228,502

  CONSOLIDATED BALANCE SHEET DATA
 
Sept. 30, 2003
(Unaudited)
Dec. 30, 20022
(Unaudited)

Total Assets
Long-Term Debt
Total StockholdersÕ Equity
$  9,324,675
$     400,000
$  7,680,637
$  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		  
 
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Arena Resources, Inc. Announces Third Quarter and Nine Month
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............................................
08.12.03
Arena Resources, Inc.
Announces Second
Quarter and Six Month 2003
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  ............................................
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		  
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Trading Date, Symbol on AMEX 		 
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Arena Resources, Inc. Approved
for Listing on AMEX 		 
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............................................
02.11.03
Arena Resources, Inc.
Secures $10 Million
Credit Facility with Bank
of Oklahoma

  
   
       
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