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Arena Resources, Inc. Reports 2001 Results of Operations,
New CFO
Tulsa,
Oklahoma — March 27, 2002 — Arena Resources,
Inc. (OTCBB: ARRI) ("Arena") Wednesday announced its
financial results for the 2001 year.
In its first full year of operations, Arena had net
income of $18,165 before preferred stock dividends on
total revenues of $296,936. Net loss after preferred
stock dividends was $44,927 or $0.01 per share compared
to a net loss of $110,423 or $0.04 per share on revenues
of $2,424 for the year 2000. Net cash flow from operations
for the 2001 year was $84,023.
Proved reserves, all added during 2001, totaled over
490,000 barrels of oil and 2.9 million cubic feet of
gas. Future net revenues, both undiscounted and discounted
10 percent, based on year-end commodity prices were
$11,071,319 and $7,373,059, respectively.
Management also announced the addition of William R.
(Randy) Broaddrick as vice president, CFO. Broaddrick
is a certified public accountant who has had experience
in public accounting as well as the communications and
energy industries with WorldCom, BP Amoco, PriceWaterhouseCoopers
and Duke Energy Field Services prior to joining Arena.
Arena Resources Inc. is an oil and gas exploration,
development and production company with current operations
in Texas and Oklahoma.
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.
Contact: K M Financial, Inc.
Bill Parsons
480-947-1589
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