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Arena Resources, Inc. Announces Record Production For Third Quarter 2006 Third Quarter 2006 Production Increases 109% Over Third Quarter 2005 Tulsa, Oklahoma — October 5, 2006 — Arena Resources, Inc. (AMEX: ARD) ("Arena" or the "Company") today announced its operations update for the third quarter of 2006. During the third quarter, Arena drilled a total of 36 new wells; 27 wells on its Fuhrman-Mascho lease in Andrews County, Texas, five wells on its East Hobbs lease in Lea County, New Mexico, two wells on its Seven Rivers Queen lease in Lea County, New Mexico and one well each on its Eva South lease in Texas County, Oklahoma, and Ona Morrow lease in Texas County, Oklahoma. In addition, the Company re-stimulated 13 existing wells on its Fuhrman-Mascho lease and five wells on its Seven Rivers Queen lease. Production for the quarter ended September 30, 2006 was approximately 295,000 BOE, as compared to production of 141,205 BOE for the same quarter in 2005, a 109% increase, and a 22% increase over the 241,060 BOE produced in the second quarter of 2006. Average net daily production increased from 2,637 BOEPD in the second quarter of 2006 to approximately 3,210 BOEPD in the third quarter. Oil and gas revenues for the third quarter of 2006 are estimated to be $17.9 million, as compared to $7.9 million for the same period in 2005, a 126% increase, and a 22% increase over the $14.69 million generated in the second quarter of 2006. Mr. Tim Rochford, President & CEO stated, "This is the first full quarter having two drilling rigs working full-time on our Fuhrman-Mascho lease. We are excited with the results and believe, with our inventory of drilling locations, we can continue to experience similar progress on this lease in future quarters. We will continue to develop our New Mexico and Kansas leases as well as drilling a number of new development wells in Oklahoma. As we drill these wells we will not only increase production and cash flow, but add new reserves as well. We have the full amount of our credit facility available for acquisitions as we continue to explore numerous opportunities." Third Quarter Operations Update PERMIAN BASIN: East Hobbs Unit, Lea County, New Mexico – The Company drilled five new development wells in the third quarter and plans on converting eight more existing wells into water injectors in the fourth quarter as part of its overall development program. Seven Rivers Queen, Lea County, New Mexico – The Company drilled two new development wells and re-fraced five existing wells in the third quarter. In addition, one well drilled in the second quarter was successfully completed and placed in production. The Company plans on drilling four additional development wells and re-frac two existing wells in the fourth quarter. KANSAS: Syracuse Prospect, Hamilton County, Kansas – Two exploratory wells drilled in the second quarter are currently being evaluated. The two wells were drilled as part of a joint venture the Company has entered into with another Tulsa-based energy company. The partnership plans to drill three additional wells in the fourth quarter. One of the wells to be drilled is scheduled to be a deep test to a lower zone at 5,000+ feet. OKLAHOMA: Ona Morrow, Texas County, Oklahoma – One development well was drilled and is currently being readied for production. One additional well is scheduled to be drilled in the fourth quarter.
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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 |
