|
|
|
|---|
 |
 |
 |
 |
|---|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|---|
 |
 |
 |
 |
|
|---|---|---|---|---|
 |
||||
 |
 |
 |
|---|
 |
 |
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
  |
Arena Resources, Inc. Announces 2006 Year End Production and Reserves 2006 Proved Reserves Increase 43% PV-10 Increases 24% Tulsa, Oklahoma — March 1, 2007 — Arena Resources, Inc. (AMEX: ARD) ("Arena" or the "Company") announced today that its estimated total proved reserves of oil and natural gas as of December 31, 2006 increased 43% to 43.1 million barrels of oil equivalent (Boe), from 30.2 million Boe at year end 2005. The 2006 year-end proved reserves consisted of 36.1 million barrels of crude oil (84%) and 42.4 Bcf of natural gas (16%). Of the 43.1 million Boe of total proved reserves, 38% are proved developed and 62% are proved undeveloped. The proved developed reserves consist of proved developed producing (28%), proved developed non-producing (5%) and proved developed behind-pipe (5%). 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, 2006 was $847.7 million, using year-end average pricing of $54.21 per barrel for oil and $5.94 per Mcf for natural gas. This compares to $682.9 million at year-end 2005 using prices of $55.00 per barrel for oil and $8.20 per Mcf for gas. These estimates are based on an independent reserve study of Arena’s oil and gas properties prepared by Lee Keeling & Associates, Inc., Tulsa, Oklahoma. Total net sales production for the fourth quarter of 2006 was 331,200 Boe, as compared to 172,386 Boe for the same period in 2005, an increase of 92%. Net sales production for the full year 2006 was 1,065,613 Boe, compared to 508,430 Boe in 2005, an increase of 110%. The Company’s average net daily sales production in the fourth quarter of 2006 was approximately 3,600 Boe per day, as compared to 1,844 Boe in the fourth quarter 2005, and 3,288 Boe in the third quarter 2006. Mr. Tim Rochford, CEO, stated, "Our acquisition and development activities combined to replace 1,273% of our 2006 production, with over 71% of that being accomplished through our development activities. We completed three acquisitions in December, all contiguous to our Fuhrman-Mascho lease in Andrews County, Texas, adding additional reserves and drilling locations. We drilled 124 new wells, 106 of which were drilled on our Permian Basin properties with a 100% success rate. In Kansas, we drilled eight exploratory wells and four development wells while continuing to acquire additional acreage, and in Oklahoma we drilled six new development wells. Although pleased with our development activity, our fourth quarter production was less than anticipated due to adverse weather conditions and other factors which directly affected oil and gas sales from our Fuhrman-Mascho lease and our East Hobbs and Seven Rivers Units in Lea County, New Mexico. We have announced a preliminary 2007 capital expenditure budget of $94.6 million, with over 80% of it allocated to our Permian Basin properties. We will focus on the continued development of our existing core properties, while continuing to seek additional acquisitions."
|
|||||||||||||||
 |
||||||||||||||||
| 12.12.07 Arena Resources, Inc. Adds an Estimated Eight Million Barrels of Oil Equivalent of Proved Reserves in West Texas |
||||||||||||||||
| ............................................ 11.09.07 Arena Resources, Inc. Announces Record Production for Third Quarter 2006 |
||||||||||||||||
| ............................................ 11.07.07 Arena Resources Announces $6.5 Million of Permian Basin Acquisitions |
||||||||||||||||
| ............................................ 11.06.07 Arena Resources Announces Senior Management Appointments |
||||||||||||||||
............................................ |
||||||||||||||||
| ............................................ 06.25.07 Arena Resources, Inc. Announces Completion of $100,450,000 Registered Direct Common Stock Offering |
||||||||||||||||
| ............................................ 06.20.07 Arena Resources Announces Letter of Intent for Yates Gas Production |
||||||||||||||||
| ............................................ 06.15.07 Arena Resources, Inc. Announces Registered Direct Common Stock Offering of Up to 2,050,000 Shares |
||||||||||||||||
| ............................................ 05.10.07 Arena Resources, Inc. Announces Purchase of Second Drilling Rig |
||||||||||||||||
| ............................................ 05.07.07 Arena Resources, Inc. Announces Financial and Operational Results for First Quarter 2007 |
||||||||||||||||
| ............................................ 04.19.07 Arena Resources, Inc. Announces First Quarter 2007 Operations Update |
||||||||||||||||
............................................ |
||||||||||||||||
| ............................................ 03.01.07 Arena Resources, Inc. Announces 2006 Year End Production and Reserves |
||||||||||||||||
| ............................................ 02.01.07 Arena Resources, Inc. Announces Senior Management Appointment |
||||||||||||||||
| ............................................ 01.17.07 Arena Resources Announces 2007 Capital Expenditure Budget of $94.6 Million |
||||||||||||||||
| ............................................ 01.16.07 Arena Resources, Inc. Resources Record Fourth Quarter and Annual Production for 2006 |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
| © 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 |
