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Arena Resources Announces 2003 Reserve and Production Results Tulsa, Oklahoma — February 2, 2004 — Arena Resources, Inc. (AMEX: ARD) ("Arena") announced today that its estimated total proved oil and natural gas reserves as of December 31, 2003 were 9.48 million barrels of oil equivalent (BOE), an increase of 45% over total proved reserves as of December 31, 2002. The reserve breakdown was 8.92 million barrels of crude oil and 3.41 billion cubic feet of natural gas. Crude oil accounted for 94% of Arena's total proved reserves. The present value, discounted at 10%, of the future net revenues before income taxes of the company's proved oil and gas reserves was $91.9 million as of December 31, 2003, using average prices of $29.25 per barrel of oil and $3.46 per Mcf for natural gas. This compares to $62.9 million, using average prices of $24.00 for oil and $3.43 per Mcf, for the year ended December 31, 2002. The independent appraisal of Arena's oil and gas properties was prepared by Lee Keeling & Associates, Inc., Tulsa, Oklahoma. Total net production for the fourth quarter of 2003 was 37,546 BOE, an increase of over 39% as compared to the same period in the previous year. Net production for the full year 2003 was 128,549 BOE, an increase of 90% over net production for the year ended December 31, 2002. Arena's acquisition and development activities combined to replace in excess of 2,300% of its 2003 production.
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| 12.21.04 Arena Resources, Inc. Announces Completion of $10.5 Million Texas Property Acquisition |
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| ............................................ 12.07.04 Arena Resources, Inc. Announces $10.5 Million Texas Property Acquisition |
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| ............................................ 10.29.04 Arena Resources, Inc. Announces Separation of Units |
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| ............................................ 10.28.04 Arena Resources Announces Third Quarter and Nine Month 2004 Financial and Operating Results |
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| ............................................ 08.19.04 Arena Resources Announces Sale of Additional 217,500 Units of Public Secondary Offering |
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| ............................................ 08.16.04 Arena Resources Announces Second Quarter and Six Month 2004 Financial and Operating Results |
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| ............................................ 08.10.04 Arena Resources, Inc. Announces Pricing of Public Offering of 1,450,000 Units |
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| ............................................ 07.27.04 Arena Resources, Inc. Revises Reserve Estimates |
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| ............................................ 05.28.04 Arena Resources Restates First Quarter 2004 Results |
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| ............................................ 05.18.04 Arena Resources Announces First Quarter 2004 Results |
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| ............................................ 04.23.04 Arena Resources Announces Ten Million Dollar New Mexico Lease Acquisition |
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| ............................................ 04.15.04 Arena Resources Signs Letter of Intent to Acquire New Mexico Prospect |
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| ............................................ 02.05.04 Arena Resources Announces 2003 Financial and Operating Results |
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| ............................................ 02.02.04 Arena Resources Announces 2003 Reserve and Production Results |
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| ............................................ 01.21.04 Arena Resources Drills Second Successful Gas Well in Kansas |
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| © 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 |
