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Arena Resources Announces Second Quarter
and Six Month 2003 Financial and Operating Results
Tulsa, Oklahoma — August 12, 2003 — Arena
Resources, Inc. (AMEX: ARD) ("Arena") announced today
financial results for the second quarter and six months
ended June 30, 2003. Arena had net income of $205,652,
or $.03 per share, on oil and gas revenues of $841,619
for the second quarter compared to a net income of $35,790
before preferred stock dividends on oil and gas revenues
of $167,682 for the quarter ended June 30, 2002. The
Company reported net income of $385,958, or $.06 per
share, on oil and gas revenues of $1,648,640 for the
six month period ended June 30, 2003 compared to net
income of $55,868 before preferred stock dividends on
oil and gas revenues of $311,013 for the six month period
ended June 30, 2002.
Net cash flow from operations for the six months ended
June 30, 2003 was $686,310, compared to net cash flow
of $137,847 for the same period in 2002.
As of June 30, 2003 the Company had net working capital
of $1,669,805 compared to $894,558 as of June 30, 2002.
Arena's Chief Executive Officer, Mr. Tim Rochford, stated,
"We are extremely proud of the results for the second
quarter. We continue to seek out prospects with existing
positive cash flow and the opportunity for further development.
We firmly believe that the acquisition of properties
with those criteria not only immediately enhances ArenaÕs
reserves and cash flow, but ultimately builds shareholder
value."
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 |
| |
Three
Months Ended
|
Nine
Months Ended
|
|
June
30 , 2003
(Unaudited)
|
June
30, 2002
(Unaudited)
|
June
30, 2003
(Unaudited)
|
June
30, 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
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
|
$ 841,649
281,546
57,374
69,615
120,451
528,986
31,615
(7,843)
(9,973)
13,799
326,432
120,780
205,652
—
205,652
—
$ 205,652
$ 0.03
$ 0.03
6,477,230
6,970,682
|
$ 167,682
49,516
8,247
18,644
55,485
131,892
—
—
—
—
35,790
—
35,790
—
35,790
171,451
$ (135,661)
$ ( 0.04)
$ ( 0.04)
3,653,896
3,653,896
|
$ 1,648,640
523,618
111,324
120,706
264,082
1,019,730
36,390
(12,624)
(19,836)
3,930
632,840
235,069
397,771
11,813
385,958
—
$ 385,958
$ 0.06
$ 0.06
6,402,833
6,702,843
|
$ 311,013
96,072
15,475
41,292
102,306
255,145
—
—
—
)
—
55,868
—
55,868
—
201,612
211,157
$ (155,289)
$ ( 0.04)
$ ( 0.04)
3,629,334
3,629,334
|
| CONSOLIDATED
STATEMENT OF CASHFLOWS |
Cash
Flow provided
by operating activities
|
|
|
$ 686,310
|
$ 137,847
|
| CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
June.
30, 2003
(Unaudited)
|
Dec.
31, 2002
(Audited)
|
Total
Assets
Long-Term Debt
Total StockholdersÕ Equity
|
|
|
$ 8,273,629
$ 400,000
$ 6,780,000
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$ 6,050,493
$ 400,000
$ 5,124,837
|
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