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Arena Resources, Inc. Announces Receipt of $10 Million in Private Investment Funds Tulsa, Oklahoma — July 13, 2005 — Arena Resources, Inc. (AMEX: ARD, ARD.WS) ("Arena" or the "Company") today announced it has received a $10 million private equity investment from a small group of investors, some of whom are existing shareholders. The group of investors purchased 970,874 restricted shares of the Company's common stock at a price of $10.30 per share, a 7.7% discount to the 30 day average closing price of the Company's common stock immediately prior to the term sheet agreement date. The shares were placed directly by the Company with net proceeds after expenses estimated to be $9.8 million. The funds will be used to eliminate the remaining $5 million outstanding long term debt on the Company's bank credit facility and to fund an increase in the 2005 capital expenditure budget by approximately $4 million to $18.5 million. Mr. Tim Rochford, Arena's President and CEO commented, "The receipt of these funds will allow us to increase our capital expenditure budget for the remainder of the year. Specifically, on our Fuhrman-Mascho property we will increase the number of development wells to be drilled from 27 to 33, as well as increase the number of re-fracs from 12 to 20. It also allows us to pay off the remaining debt on our $50 million bank credit facility, giving us an immediate $35 million to use for future development or acquisition opportunities."
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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 |
