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Arena Resources Announces Third Quarter
and Nine Month 2003 Financial and Operating Results
Tulsa, Oklahoma — November 6, 2003 — Arena
Resources, Inc. (AMEX: ARD) ("Arena") announced today
financial results for the third quarter and nine months
ended September 30, 2003. Arena had net income of $224,654
or $.03 per share, on oil and gas revenues of $948,947
for the third quarter compared to a net income of $145,744
before preferred stock dividends on oil and gas revenues
of $638,962 for the quarter ended September 30, 2002.
The Company reported net income of $610,612, or $.09
per share, on oil and gas revenues of $2,597,587 for
the nine month period ended September 30, 2003 compared
to net income of $201,612 before preferred stock dividends
on oil and gas revenues of $949,976 for the nine month
period ended September 30, 2002.
Net cash flow from operations for the nine months ended
September 30, 2003 was $1,178,024, compared to net cash
flow of $228,502 for the same period in 2002.
As of September 30, 2003 the Company had net working
capital of $2,413,677 compared to $(93,582) as of September
30, 2002.
Arena's CEO, Mr. Tim Rochford, stated, "We are
extremely proud of the results for the third quarter,
as it is our third consecutive profitable quarter. We
will continue to seek out prospects with existing positive
cash flow and the opportunity for further development."
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
|
|
Sept.
30, 2003
(Unaudited)
|
Sept.
30, 2002
(Unaudited)
|
Sept.
30, 2003
(Unaudited)
|
Sept.
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
|
$ 948,947
288,915
70,583
76,303
138,814
574,615
3,776
(9,373)
(9,638)
(15,235)
359,097
134,443
224,654
—
224,654
—
$ 224,654
$ 0.03
$ 0.03
7,071,940
8,093,167
|
$ 638,962
214,721
49,351
43.547
59,849
367,468
—
—
(7,343)
(7,343)
264,151
118,407
145,744
—
145,744
177,834
$ (32,090)
$ ( 0.01)
$ ( 0.01)
4,969,621
5,098,001
|
$ 2,597,587
812,533
181,907
197,009
402,896
1,594,345
40,166
(21,998)
(29,473)
(11,305)
991,937
369,512
622,425
11,813
610,612
—
$ 610,612
$ 0.09
$ 0.09
6,628,319
7,043,822
|
$ 949,976
310,793
64,827
84,839
162,155
622,614
—
—
(7,343)
(7,343)
320,019
118,407
201,612
—
201,612
388,991
$ (187,379)
$ ( 0.05)
$ ( 0.05)
4,081,006
4,174,777
|
| CONSOLIDATED
STATEMENT OF CASHFLOWS |
Cash
Flow provided
by operating activities
|
|
|
$1,178,024
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$228,502
|
| CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
Sept.
30, 2003
(Unaudited)
|
Dec.
31, 2002
(Audited)
|
Total
Assets
Long-Term Debt
Total StockholdersÕ Equity
|
|
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$ 9,324,675
$ 400,000
$ 7,680,637
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$ 6,050,493
$ 400,000
$ 5,124,837
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