Arena Resources Acquires 1,430 Acre Producing Lease in Oklahoma.Business Editors Arena Resources Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ARRI) ("Arena") Monday announced that it has finalized the acquisition of an approximate 90 percent working interest of a mineral lease in the Oklahoma panhandle “Neutral Strip” redirects here. For the area in Louisiana sometimes known as the Neutral Strip, see Sabine Free State. The Oklahoma Panhandle is the extreme western region of the state of Oklahoma, comprising Cimarron County, Texas County, and Beaver County. . The ONA (Open Network Architecture) An FCC plan that allows users and competing enhanced service providers (ESPs) equal access to unbundled, basic telephone services. The Open Network Provision (ONP) is the European counterpart. Northwest lease, located in Texas and Cimarron Counties, Okla., consists of seven producing wells on 1,430 acres. Current production exceeds 100 barrels of oil equivalent per day, with proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. of approximately 400,000 barrels of oil equivalent. Management intends to increase daily production through further enhancements to existing wells and additional offset drilling. Arena Resources Inc. will be the operator of the ONA NW Unit. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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