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Arena Resources Announces 2003 Reserve
and Production Results
Tulsa, Oklahoma — February 2, 2004 — Arena
Resources, Inc. (AMEX: ARD) ("Arena") announced today
that its estimated total proved oil and natural gas
reserves as of December 31, 2003 were 9.48 million barrels
of oil equivalent (BOE), an increase of 45% over total
proved reserves as of December 31, 2002. The reserve
breakdown was 8.92 million barrels of crude oil and
3.41 billion cubic feet of natural gas. Crude oil accounted
for 94% of Arena's total proved reserves.
The present value, discounted at 10%, of the future
net revenues before income taxes of the company's proved
oil and gas reserves was $91.9 million as of December
31, 2003, using average prices of $29.25 per barrel
of oil and $3.46 per Mcf for natural gas. This compares
to $62.9 million, using average prices of $24.00 for
oil and $3.43 per Mcf, for the year ended December 31,
2002. The independent appraisal of Arena's oil and gas
properties was prepared by Lee Keeling & Associates,
Inc., Tulsa, Oklahoma.
Total net production for the fourth quarter of 2003
was 37,546 BOE, an increase of over 39% as compared
to the same period in the previous year. Net production
for the full year 2003 was 128,549 BOE, an increase
of 90% over net production for the year ended December
31, 2002.
Arena's acquisition and development activities combined
to replace in excess of 2,300% of its 2003 production.
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
Jim Drewitz, Investor Relations
Jdrewitz@comcast.net
972-355-6070
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