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Arena Resources, Inc. Announces First
Quarter 2003 Results
Tulsa, Oklahoma — May 15, 2003 — Arena Resources,
Inc. (AMEX: ARD) ("Arena") announced today financial
results for the first quarter ended March 31, 2003.
Arena had net income of $195,659 before preferred stock
dividends on oil and gas revenues of $807,021 compared
to net income of $20,078 before preferred stock dividends
on oil and gas revenues of $143,332 for the quarter
ended March 31, 2002. Net income after preferred stock
dividends was $195,659 or $0.03 per share compared to
a net loss of $19,628 or a loss of $0.01 per share for
the quarter ended March 31, 2002. Net cash flow from
operations increased to $278,264 from $11,408 for the
same period in 2002. Production for the quarter ended
March 31, 2003 was 25,408 BOE's ( Barrel of Oil Equivalents)
compared to 7,892 BOE's for the quarter ended March
31, 2002.
As of March 31, 2003, the Company had net working capital
of $1,324,647 compared to $453,709 as of March 31, 2002.
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
| CONDENSED
STATEMENTS OF OPERATIONS |
|
|
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March
31, 2003
(Unaudited)
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March
31, 2002
(Unaudited)
|
|
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
Interest expense
Net Other Expense
Income Before Provision for Income Taxes
Provision for Deferred Income Taxes
Income Before 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
|
$ 807,021
242,071
53,950
50,219
143,631
489,871
4,775
(9,866)
(5,091)
312,059
116,400
397,771
195,659
—
$ 195,659
$ 0.03
$ 0.03
6,327,609
6,461,091
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$ 143,332
46,556
7,229
22,648
46,821
123,254
—
—
)
—
20,078
—
55,868
20,078
39,706
$ (19,628)
$ ( 0.01)
$ ( 0.01)
3,604,500
3,604,500
|
| CONSOLIDATED
STATEMENT OF CASHFLOWS |
Cash
Flow provided
by operating activities
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$ 278,264
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$ 11,408
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| CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
March.
31, 2003
(Unaudited)
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Dec.
31, 2002
(Audited)
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Total
Assets
Long-Term Debt
Total StockholdersÕ Equity
|
|
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$ 6,422,347
$ 400,000
$ 5,504,235
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$ 6,050,493
$ 400,000
$ 5,124,837
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