Arena Resources Inc. Restates First Quarter 2004 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)--May 28, 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 it has restated the results for the first quarter ended March 31, 2004. On May 7, 2004, Arena acquired an 82% working interest, 67% net revenue interest, in the East Hobbs Hobbs, city (1990 pop. 29,115), Lea co., SE N.Mex.; inc. 1929. With the discovery (c.1928) of oil and natural gas in the area, Hobbs became one of the last great oil boomtowns in the United States. It remains a major shipping and trading center for oil-well supplies. San Andres Andres may refer to:
After excluding the March 2004 revenues and operating costs for the East Hobbs lease, Arena had net income of $318,730 or $0.04 per share on oil and gas revenues of $1,200,400, up 48% from revenues of $807,021 for the quarter ended March 31, 2003. Net income increased 76% 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 $568,710 from $278,265 for the same period in 2003. Production for the quarter ended March 31, 2003 was 37,003 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 45% increase. The average price per BOE was $32.44 compared to $31.77 in 2003.
Arena Resources Inc.
Three Months Ended March 31,
----------------------------
2004 2003
---- ----
Revenue $ 1,200,400 $ 807,021
Net Income $ 318,730 $ 180,306
Earnings Per Common Share
Basic $ 0.04 $ 0.03
Diluted $ 0.04 $ 0.03
Weighted Average Share Outstanding
Basic 7,163,734 6,327,609
Diluted 7,852,025 6,461,091
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 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 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 $ 1,200,400 $ 807,021
Costs and Operating Expenses
Oil and gas production costs 316,290 242,071
Oil and gas production taxes 78,707 53,950
Depreciation, depletion and
amortization 97,555 51,091
General and administrative expense 178,202 143,631
Total Costs and Operating Expenses 670,754 490,743
Other Income (Expense)
Gain from change in fair value of
put options - 4,775
Accretion expense (12,295) (4,782)
Interest expense (9,113) (9,863)
Net Other Expense (21,408) (9,870)
Income Before Provision for Income Taxes
and Cumulative Effect of Change in
Accounting Principle 508,238 306,408
Provision for Deferred Income Taxes 189,508 114,289
Income Before Cumulative Effect of Change
in Accounting Principle 318,730 192,119
Cumulative Effect of Change in Accounting
Principle - (11,813)
Net Income 318,730 180,306
Basic Income Per Common Share $0.04 $0.03
Diluted Income Per Common Share 0.04 0.03
Basic Weighted-Average Common Shares
Outstanding 7,163,734 6,327,609
Diluted Weighted-Average Common Shares
Outstanding 7,852,025 6,461,091
CASH FLOW DATA
Net Cash Provided by Operating Activities $568,710 $278,265
March 31, Dec. 31,
2004 2003
BALANCE SHEET DATA (Unaudited) (Audited)
Total Assets $10,550,832 $10,018,731
Long-Term Debt $400,000 $400,000
Total Stockholders' Equity $8,429,379 $8,088,899
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion