Arena Resources Announces 2003 Reserve and Production Results.Business Editors TULSA, Okla.--(BUSINESS WIRE)--Feb. 2, 2004 Arena Resources Inc. (AMEX AMEX See: American Stock Exchange : ARD Ard (ärd), in the Bible. 1 Son of Benjamin. 2 Benjamite, perhaps the same as (1.) An alternate form is Addar. ) ("Arena") announced today that its estimated total proved oil and natural gas reserves as of Dec. 31, 2003 were 9.48 million barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE BoletÃn Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ), an increase of 45 percent over total 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. as of Dec. 31, 2002. The reserve breakdown was 8.92 million barrels of crude oil and 3.41 billion cubic feet of natural gas. Crude oil accounted for 94 percent of Arena's total proved reserves. The present value, discounted at 10 percent, of the future net revenues before income taxes of the company's proved oil and gas reserves was $91.9 million as of Dec. 31, 2003, using average prices of $29.25 per barrel of oil and $3.46 per Mcf for natural gas. This compares to $62.9 million, using average prices of $24.00 for oil and $3.43 per Mcf, for the year ended Dec. 31, 2002. The independent appraisal of Arena's oil and gas properties was prepared by Lee Keeling keeling the marking of ewes by the ram when they are mated by the marking on the ewe of paint or chalk from the sternum of the ram. & Associates Inc., Tulsa, Okla. Total net production for the fourth quarter of 2003 was 37,546 BOE, an increase of more than 39 percent as compared to the same period in the previous year. Net production for the full year 2003 was 128,549 BOE, an increase of 90 percent over net production for the year ended Dec. 31, 2002. Arena's acquisition and development activities combined to replace in excess of 2,300 percent of its 2003 production. Arena Resources Inc. is an oil and gas exploration, development and production company with current operations in Texas, Oklahoma, Kansas and New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . 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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