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Arena Resources, Inc. Revises Reserve Estimates Tulsa, Oklahoma — July 27, 2004 — Arena Resources, Inc. (AMEX: ARD) ("Arena") Tulsa, announced today that it has amended its Form 10-KSB to reflect a reduction in its estimated total proved oil and natural gas reserves as of December 31, 2003 to a total of 7.61 million barrels of oil equivalent (BOE). This reduction is a result of removing approximately 1.9 million BOE of proved undeveloped reserves from the Dodson lease in Montague County, Texas, from a proved category. The revised present value, discounted at 10%, of the future net revenues before income taxes ("PV-10") of the Company's proved oil and gas reserves was $66.5 million as of December 31, 2003, using average prices of $29.25 per barrel of oil and $3.46 per Mcf for natural gas. Arena also announced that it has adjusted its internal estimate of proved reserves to 3 million BOE on the East Hobbs Unit in Lea County, New Mexico acquired on May 7, 2004. This revision results from a reduction of 3.4 million BOE of proved reserves. Following this reduction, Arena's revised PV-10 for the East Hobbs Unit is now $38.7 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 |
