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Arena Resources Announces Record Financial and Operational Results for Fourth Quarter and Year End 2005 2005 Revenues Increase 205% 2005 Net Income Increases 286% Tulsa, Oklahoma — March 17, 2006 — Arena Resources, Inc. (AMEX: ARD) ("Arena") announced today financial results for the fourth quarter and year ended December 31, 2005. Arena had net income of $3,014,884, a 249% increase, on oil and gas revenues of $9,362,003, a 215% increase, for the fourth quarter compared to net income of $865,097 on revenues of $2,972,346 for the fourth quarter ended December 31, 2004. For the year ended December 31, 2005, Arena had net income of $9,460,683, a 286% increase, on revenues of $25,843,077, a 205% increase, as compared to net income of $2,451,652 on revenues of $8,482,130 for the year ended December 31, 2004. Income attributable to common shares for the fourth quarter was $0.22 per diluted share compared to $0.09 for the fourth quarter ended December 31, 2004. For the year ended December 31, 2005, income attributable to common shares was $0.75 per diluted share compared to $0.28 per diluted share for the year ended December 31, 2004. The increase in revenue is attributed to an increase in production, primarily due to development and acquisition activities, and an increase in commodity prices. Net income for the fourth quarter and the year 2005 included a pre-tax non-cash charge of $597,773 for warrants issued as part of a financing in July, 2005. Cash provided by operating activities, before changes in working capital, increased to $18,594,370 or $1.48 per diluted share for the year ended December 31, 2005 from $5,085,918, or $0.59 per diluted share for the year ended December 31, 2004. Earnings before interest, taxes, depletion and other non-cash items ("Adjusted EBITDA") was $18,823,994, as compared to $5,241,854 in 2004. (See accompanying table for a reconciliation of net income to adjusted EBITDA) Total net production for the fourth quarter of 2005 was 172,386 BOE, as compared to 72,965 BOE for the same period in 2004, an increase of 136%. Net production for the full year 2005 was 508,430 BOE, compared to 223,333 BOE in 2004, an increase of 127%. The Company's average net daily production in December 2005 was approximately 2,050 BOE per day. Proved reserves totaled approximately 30.2 million barrels of oil equivalents (BOE), a 42% increase over the 21.2 million BOE for the previous year. Future net revenues before income taxes, discounted at 10%, based on $55.00 per barrel of oil and $8.20 per Mcf of gas, were $682.9 million at year-end 2005. This compared to $302.4 million, using average prices of $39.00 per barrel of oil and $5.19 per Mcf of gas, for year-end 2004. "2005 proved to be a tremendous year for us," said Tim Rochford, President and Chief Executive Officer. "This truly was a year of growth through the internal development of our existing properties. We expect our own drilling rig to be in place and operational very soon. We currently have identified over 540 drilling locations on 50,000 acres and continue to look for acquisitions that either compliment our existing properties or create new core areas."
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| 12.07.06 Arena Resources, Inc. Adds 4.7 Million Barrels of Oil Equivalent of Proved Reserves in Permian Basin |
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| ............................................ 11.06.06 Arena Resources, Inc. Announces Record Production for Third Quarter 2006 |
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| ............................................ 10.05.06 Arena Resources, Inc. Announces Record Production for Third Quarter 2006 |
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| ............................................ 08.21.06 Arena Resources Announces Move to New York Stock Exchange |
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| ............................................ 07.25.06 Arena Resources Increases 2006 Capital Expenditure Budget to $76.5 Million |
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| ............................................ 07.12.06 Arena Resources, Inc. Provides Second Quarter 2006 Operations Update |
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| ............................................ 05.30.06 Arena Resources, Inc. Announces Issuance of 1.15 Million Shares in Private Placement |
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| ............................................ 05.11.06 Arena Resources, Inc. Announces Record Revenues, Earnings, Cash Flow and Production for First Quarter 2006 |
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| ............................................ 04.25.06 Arena Resources, Inc. Provides First Quarter 2006 Operations Update |
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| ............................................ 03.31.06 Arena Resources, Inc. Announces Increase and Extension of Credit Facility |
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| ............................................ 02.22.06 Arena Resources, Inc. Announces 2005 Year End Production and Reserves |
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| ............................................ 02.16.06 Arena Resources, Inc. Restates Financial Statements to Reflect Accounting Change Associated with Employee Options |
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| ............................................ 01.27.06 Arena Resources Provides Fourth Quarter 2005 Operations Update |
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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 |
