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Arena Resources, Inc. Announces 2004 Year End Production and Reserves Tulsa, Oklahoma — March 4, 2005 — Arena Resources, Inc. (AMEX: ARD, ARD.WS) ("Arena") ("Company") announced today that its estimated total proved reserves of oil and natural gas as of December 31, 2004 increased 179% to 21.2 million barrels of oil equivalent (Boe), from 7.6 million Boe at year end 2003. The reserve breakdown was 19.55 million barrels of crude oil (92%) and 10 Bcf of natural gas (8%). Of the 21.2 million Boe of total proved reserves, 5.5 million (26%) are developed. The estimated present value, using a 10% discount rate, of the future net cash flows before income taxes of the Company's proved oil and natural gas reserves as of December 31, 2004 was $302.4 million, using average prices of $39.00 per barrel for oil and $5.19 per Mcf for natural gas. This compares to $66.6 million at year-end 2003 using prices of $29.25 for oil and $3.46 per Mcf for gas. These estimates are based on an independent appraisal of Arena's oil and gas properties prepared by Lee Keeling & Associates, Inc., Tulsa, Oklahoma. Total net production for the fourth quarter of 2004 was 72,965 Boe, as compared to 37,546 Boe over the same period a year ago, an increase of 94%. Net production for the full year 2004 was 223,333 Boe, compared to 128,868 Boe in 2003, an increase of 73%. The Company's production exit rate on December 31, 2004 was an estimated 1,100 Boe per day. Mr. Tim Rochford, President & CEO, stated, "We are very pleased with the operating results for 2004. Our acquisition and development activities have combined to replace approximately 1,574% of our 2004 production. The acquisitions of two Permian Basin properties in May and December of 2004 added a solid base of daily production and substantially increased our inventory of development opportunities. Our objective when we began operations in 2001 was to identify acquisition candidates that have positive cash flow, but more importantly, significant development opportunities through in-fill drilling, increased density, field expansion and secondary recovery. With the two acquisitions in 2004, we have now realized our initial objective of having cash flow from existing production sufficient to fund the implementation of our development program, which we commenced in the fourth quarter of 2004 by successfully drilling nine wells. Our 2005 plans call for drilling a minimum of thirty-three wells, in addition to various workovers and re-completions on existing wells, with emphasis on the recently acquired properties while continuing to seek and evaluate additional acquisition candidates."
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| 12.08.05 Arena Resources Announces Rig Purchase and Acceleration of 2006 CAPEX Budget |
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| ............................................ 11.17.05 Arena Resources Increases 2005 Capital Expenditure to $24 Million |
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| ............................................ 11.01.05 Arena Resources, Inc. Announces Record Third Quarter and Nine Month 2005 Financial and Operating Results |
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| ............................................ 10.19.05 Arena Resources, Inc. Provides Third Quarter 2005 Operations Update |
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| ............................................ 08.02.05 Arena Resources, Inc. Announces Completion of Texas Properties Acquisition |
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| ............................................ 07.29.05 Arena Resources Announces Second Quarter and Six Month 2005 Financial and Operating Results |
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| ............................................ 07.14.05 Arena Resources, Inc. Provides Second Quarter 2005 Operations Update; Increases Capital Expenditure Budgets |
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| ............................................ 07.13.05 Arena Resources, Inc. Announces Receipt of $10 Million in Private Investment Funds |
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| ............................................ 05.25.05 Arena Resources, Inc. Announces Letter of Intent on Texas Properties |
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| ............................................ 05.11.05 Arena Resources Announces First Quarter 2005 Financial and Operating Results |
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| ............................................ 03.29.05 Arena Resources, Inc. to Host Meetings at Howard Weil Energy Conference |
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| ............................................ 03.24.05 Arena Resources, Inc. Announces Acquisition of 17,500 Acres in Kansas |
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| ............................................ 03.18.05 Arena Resources Announces Record Financial and Operational Results for Fourth Quarter and Year End 2004 |
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| ............................................ 03.04.05 Arena Resources, Inc. Announces 2004 Year End Production and Reserves |
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| ............................................ 02.22.05 Arena Resources, Inc. Receives $5 Million from Warrant Exercise |
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| ............................................ 02.01.05 Arena Resources, Inc. Provides Fourth Quarter 2004 Operations Update and Announces 2005 Capital Budget of $15 Million |
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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 |
