| |
Arena Resources Announces 2003 Financial
and Operating Results
Tulsa, Oklahoma — February 5, 2004 — Arena
Resources, Inc. (AMEX: ARD) ("Arena") announced today
financial results for the year ended December 31, 2003.
Arena had net income of $824,322 on oil and gas revenues
of $3,665,477 for the year compared to net income of
$402,694 on revenues of $1,657,037 for the year ended
December 31, 2002. Income attributable to common shares
for the year was $0.12 per diluted share compared to
a loss of $395,324 or $(0.09) per diluted share, after
preferred stock dividends of $798,018, for the year
ended December 31, 2002.
Cash provided by operating activities increased to $1,652,950
for the year ended December 31, 2003 from $570,748 for
the year ended December 31, 2002.
Proved reserves totaled approximately 9.5 million barrels
of oil equivalents (BOE), a 45% increase over the 6.5
million BOE for the previous year. Future net revenues,
discounted 10%, based on $29.25 per barrel of oil and
$3.43 per Mcf, were $91.9 million at year-end 2003.
This compares to $62.9 million, using average prices
of $24.00 for oil and $3.43 per Mcf, for year-end 2002.
The company is in the process of preparing its Form
10-KSB for timely filing.
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
| SELECTED
FINANCIAL INFORMATION |
Income
Statement Data
| |
|
For
the Years Ended
December 31
|
|
Oil
and Gas Revenues
Costs and Operating Expenses
Oil
and gas production costs
Oil and gas production taxes
Depreciation, depletion & amortization
General and administrative expense
Total Costs and Operating Expenses
Other Income (Expense)
Gain from change in fair value
of put options
Accretion
expense
Interest expense
Net Other Expense
Income Before Provision for Income Taxes
Effect of Change in Accounting Principle
Provision for Deferred Income Taxes
Income Before Cumulative Effect of Change
in Accounting Principle
Cumulative
Effect of Change in Accounting Principle
Net Income
Preferred Stock Dividends
Income (Loss) Attributable to Common Shares
Basic Income (Loss)
Per
Common Share
Diluted
Income (Loss)
Per
Common Share
Basic
Weighted-Average
Common
Shares Outstanding
Diluted
Weighted-Average
Common
Shares Outstanding
|
$ 3,665,477
1,149,136
269,563
338,157
557,576
2,314,432
47,699
(32,212)
(38,798)
(23,311)
1,327,734
491,599
836,135
11,813
824,322
—
$ 824,322
$ 0.12
$ 0.12
6,759,858
7,234,499
|
$ 1,657,037
594,863
117,164
127,847
248,018
1,087,892
36,665
—
(15,923)
20,742
589,887
187,193
402,694
—
402,694
798,018
$ (395,324)
$ ( 0.09)
$ ( 0.09)
4,556,921
4,556,921
|
| OTHER
FINANCIAL INFORMATION |
Cash
Flow provided
by operating activities
|
$ 1,652,950
|
$ 570,748
|
|
|
|
Dec.
31, 2003
|
Dec.
31, 2002
|
Total
Assets
Long-Term Debt
Total StockholdersÕ Equity
|
|
|
$ 10,018,731
$ 400,000
$ 8,088,899
|
$ 6,050,493
$ 400,000
$ 5,124,837
|
|
|
