| |
Arena Resources Announces First Quarter
2004 Results
Tulsa, Oklahoma — May 18, 2004 — Arena Resources,
Inc. (AMEX: ARD) ("Arena") Tulsa, announced today financial
results for the first quarter ended March 31, 2004.
Arena had net income of $368,398 or $0.05 per share
on oil and gas revenues of $1,409,719, up 75% from revenues
of $807,021 for the quarter ended March 31, 2003. Net
income increased 104% from $180,306 or $0.03 per share
for the first quarter of 2003.
Net cash flow from operations increased to $687,814
from $278,265 for the same period in 2003. Production
for the quarter ended March 31, 2003 was 42,061 BOE
( Barrel of Oil Equivalent) compared to 25,408 BOE for
the quarter ended March 31, 2003, a 66% increase. The
average price per BOE was $32.50 compared to $31.77
in 2003.
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
| CONDENSED
STATEMENTS OF OPERATIONS |
|
|
|
March
31, 2004
(Unaudited)
|
March
31, 2003
(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
Accretion
expense
Interest expense
Net Other Expense
Income Before Provision for Income Taxes and Cumulative
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
Income Attributable to Common Shares
Basic Income Per
Common Share
Diluted
Income Per
Common Share
Basic
Weighted-Average
Common
Shares Outstanding
Diluted
Weighted-Average
Common
Shares Outstanding
|
$ 1,409,719
409,333
100,721
117,448
178,202
805,704
—
(12,532)
(9,114)
(21,646)
582,369
213,971
368,398
_
368,398
$ 0.05
$ 0.05
7,163,734
7,978,571
|
$ 807,021
242,071
53,950
51,091
143,631
490,743
4,775
(4,782)
(9,863)
)
(9,870)
306,408
114,289
192,119
(11,813)
180,306
$ 0.03
$ 0.03
6,327,609
6,461,091
|
| CONSOLIDATED
STATEMENT OF CASHFLOWS |
Cash
Flow provided
by operating activities
|
$ 687,814
|
$ 278,265
|
| CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
March.
31, 2004
(Unaudited)
|
Dec.
31, 2003
(Audited)
|
Total
Assets
Long-Term Debt
Total StockholdersÕ Equity
|
|
|
$ 20,694,087
$ 8,408,440
$ 8,479,047
|
$10,018,731
$ 400,000
$ 8,088,899
|
|
|
