Arena Resources Announces Third Quarter and Nine-Month 2003 Financial and Operating Results.Energy Editors/Business Editors TULSA Tulsa (tŭl`sə), city (1990 pop. 367,302), seat of Tulsa co., NE Okla., on the Arkansas River east of its junction with the Cimarron; inc. 1898. , Okla.--(BUSINESS WIRE)--Nov. 6, 2003 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 financial results for the third quarter and nine months ended Sept. 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 Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends on oil and gas revenues of $638,962 for the quarter ended Sept. 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 Sept. 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 Sept. 30, 2002. Net cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the nine months ended Sept. 30, 2003, was $1,178,024, compared to net cash flow of $228,502 for the same period in 2002. As of Sept. 30, 2003, the company had net working capital of $2,413,677 compared to $(93,582) as of Sept. 30, 2002. Arena's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). , Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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 and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. 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.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
2003 2002 2003 2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Oil and Gas Revenues $ 948,947 $ 638,962 $ 2,597,587 $ 949,976
Costs and Operating
Expenses
Oil and gas
production costs 288,915 214,721 812,533 310,793
Oil and gas
production taxes 70,583 49,351 181,907 64,827
Depreciation,
depletion and
amortization 76,303 43,547 197,009 84,839
General and
administrative
expense 138,814 59,849 402,896 162,155
Total Costs and
Operating Expenses 574,615 367,468 1,594,345 622,614
Other Income (Expense)
Gain from change in
fair value of put
options 3,776 - 40,166 -
Accretion expense (9,373) - (21,998) -
Interest expense (9,638) (7,343) (29,473) (7,343)
Net Other Expense (15,235) (7,343) (11,305) (7,343)
Income Before Provision
for Income Taxes and
Cumulative Effect of
Change in Accounting
Principle 359,097 264,151 991,937 320,019
Provision for Deferred
Income Taxes 134,443 118,407 369,512 118,407
Income Before
Cumulative Effect of
Change in Accounting
Principle 224,654 145,744 622,425 201,612
Cumulative Effect of
Change in Accounting
Principle - - 11,813 -
Net Income 224,654 145,744 610,612 201,612
Preferred Stock
Dividends - 177,834 - 388,991
Income (Loss)
Attributable to
Common Shares $ 224,654 $ (32,090) $ 610,612 $ (187,379)
Basic Income (Loss)
Per Common Share $ 0.03 $ (0.01) $ 0.09 $ (0.05)
Diluted Income (Loss)
Per Common Share $ 0.03 $ (0.01) $ 0.09 $ (0.05)
Basic Weighted-Average
Common Shares
Outstanding 7,071,940 4,969,621 6,628,319 4,081,006
Diluted Weighted-
Average Common
Shares Outstanding 8,093,167 5,098,001 7,043,822 4,174,777
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash Flow provided
by operating
activities $1,178,024 $ 228,502
Sept. 30, Dec. 31,
2003 2002
CONSOLIDATED BALANCE SHEET DATA (Unaudited) (Audited)
Total Assets $9,324,675 $6,050,493
Long-Term Debt $ 400,000 $ 400,000
Total Stockholders' Equity $7,680,637 $5,124,837
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion