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Arena
Resources Announces 2007 Capital Expenditure Budget
of
$94.6 Million
Tulsa, Oklahoma — January 17, 2007 —
Arena Resources, Inc. (AMEX: ARD) ("Arena" or the "Company")
announced today an initial capital expenditure budget
(“CAPEX”) of $94.6 million for 2007, a 9%
increase over the estimated $86.9 million spent on the
development of Company properties in 2006. The budget
targets 118 new wells to be drilled, 100 of them on
its Fuhrman-Mascho lease in Andrews County, Texas, approximately
40 re-entries of existing wells, installation of water
supply lines and equipment, conversion of existing wells
into water injectors and general infrastructure upgrades.
The Company continues to look for acquisition opportunities
but has made no provision in its initial 2007 budget
for any acquisition.
The 2007 CAPEX budget is subject to change based on
market conditions, commodity price changes, rig availability,
drilling results, possible acquisition opportunities
and general operational results.
The majority of the budget will again be spent on the
Company's Permian Basin properties. The Fuhrman-Mascho,
Seven Rivers Queen, North Benson Queen and East Hobbs
leases will receive 83% of the 2007 CAPEX budget. In
2006, these leases had 105 development wells drilled
with a 100% success rate.
About
Arena Resources, Inc.
Arena Resources, Inc. is an oil and gas exploration,
development and production company with current operations
in Texas, Oklahoma, Kansas and New Mexico.
This
release contains forward-looking statements within
the meaning of the "safe-harbor" provisions of the
Private Securities Litigation Reform Act of 1995 that
involve a wide variety of risks and uncertainties,
including, without limitations, statements with respect
to the Company's strategy and prospects. Readers and
investors are cautioned that the Company's actual
results may differ materially from those described
in the forward-looking statements due to a number
of factors, including, but not limited to, the Company's
ability to acquire productive oil and/or gas properties
or to successfully drill and complete oil and/or gas
wells on such properties, general economic conditions
both domestically and abroad, and the conduct of business
by the Company, and other factors that may be more
fully described in additional documents set forth
by the Company.
For further information contact:
K M Financial, Inc.
Bill Parsons
480-947-1589
k-m-financial@msn.com
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