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Arena Resources, Inc. Reports 2002
Results
Tulsa, Oklahoma — March 10, 2003 — Arena Resources
Inc. (OTCBB: ARRI - News; "Arena") announced today financial
results for the year ended Dec. 31, 2002. Arena had
net income of $402,694 before preferred stock dividends
on oil and gas revenues of $1,657,037 for the year,
compared to $18,165 on revenues of $311,733 for the
year ended Dec. 31, 2001. Net loss for the year after
preferred stock dividends of $798,018, which includes
non-cash dividends of $523,429, was $395,324 or $0.09
per share compared to a loss of $44,927 or $0.01 per
share for the year ended Dec. 31, 2001. All preferred
stock was converted to common stock during the third
quarter of 2002.
Positive cash flow from operations increased to $570,748
for the year ended Dec. 31, 2002, from $84,023 for the
year ended Dec. 31, 2001.
Proved reserves totaled more than 6,500,000 barrel of
oil equivalents (BOE), compared to 990,000 BOE for the
previous year. Future net revenues, both undiscounted
and discounted 10 percent, based on $24 per BOE were
$112,391,419 and $62,958,528, respectively, at year
end.
Arena Resources, Inc. is an oil and gas exploration,
development and production company with current operations
in Texas, Oklahoma and Kansas.
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
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