Arena Resources Inc. Announces First Quarter 2004 Results.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)--May 18, 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 financial results for the first quarter ended March 31, 2004. Arena had net income of $368,398 or $0.05 per share on oil and gas revenues of $1,409,719, up 75% from revenues of $807,021 for the quarter ended March 31, 2003. Net income increased 104% from $180,306 or $0.03 per share for the first quarter of 2003. 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 increased to $687,814 from $278,265 for the same period in 2003. Production for the quarter ended March 31, 2003 was 42,061 BOE BOE Based on Experience BOE Board of Education BOE Boletín 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 (Barrel of Oil Equivalent The barrel of oil equivalent (bboe, sometimes BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU [1]. 5. ) compared to 25,408 BOE for the quarter ended March 31, 2003, a 66% increase. The average price per BOE was $32.50 compared to $31.77 in 2003. About Arena Resources Inc. 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" 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
March 31,
2004 2003
(Unaudited)(Unaudited)
Oil and Gas Revenues $ 1,409,719 $ 807,021
Costs and Operating
Expenses
Oil and gas
production
costs 409,333 242,071
Oil and gas
production
taxes 100,721 53,950
Depreciation,
depletion and
amortization 117,448 51,091
General and
administrative
expense 178,202 143,631
Total
Costs and
Operating
Expenses 805,704 490,743
Other Income
(Expense)
Gain from
change in fair
value of put
options -- 4,775
Accretion
expense (12,532) (4,782)
Interest
expense (9,114) (9,863)
Net Other
Expense (21,646) (9,870)
Income Before
Provision for Income
Taxes and Cumulative
Effect of Change in
Accounting
Principle 582,369 306,408
Provision for
Deferred Income
Taxes 213,971 114,289
Income Before
Cumulative Effect of
Change
In Accounting
Principle 368,398 192,119
Cumulative Effect of
Change in Accounting
Principle -- (11,813)
Income Attributable
to Common Shares 368,398 180,306
Basic Income Per
Common Share $ 0.05 $ 0.03
Diluted Income Per
Common Share 0.05 0.03
Basic Weighted-
Average Common
Shares Outstanding 7,163,734 6,327,609
Diluted Weighted-
Average Common
Shares Outstanding 7,978,571 6,461,091
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash Flow provided by
operating activities $ 687,814 $ 278,265
March 31, December 31,
2004 2003
CONSOLIDATED BALANCE SHEET (Unaudited) (Audited)
DATA
Total Assets $20,694,087 $10,018,731
Long-Term Debt $ 8,408,440 $ 400,000
Total
Stockholders'
Equity $ 8,479,047 $ 8,088,899
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