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Arena Resources Completes New Mexico Lease Acquisition Acquisition Increases The Company's Net Daily Production To 700 Barrels of Oil Equivalent Tulsa, Oklahoma — May 10, 2004 — Arena Resources, Inc. (AMEX: ARD) ("Arena") Tulsa, announced today it has finalized the acquisition of an 82% working interest, 67.5% net revenue interest in the East Hobbs San Andres Unit ("lease") located in Lea County, New Mexico for a cash purchase price of $10,000,000. Funding was provided through the Company's bank credit facility. The lease consists of approximately 920 acres with existing oil and gas production from 19 wells, positive cash flow and additional developmental opportunities. Preliminary engineering reports estimate Arena's interest of the total proven reserves as of March 1, 2004 to be in excess of 6.4 million barrels of oil equivalent (BOE's) with present value of reserves, discounted 10% (PV-10) of approximately $73 million and net daily production of approximately 225 BOE's. This acquisition increases the Company's net daily production to approximately 700 BOE's, proven reserves to an estimated 15.9 million BOE's and a PV-10 reserve value of over $165 million.
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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 |
