Arena Resources Inc. Secures $10 Million Credit Facility with Bank of Oklahoma.Energy & 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)--Feb. 11, 2003 Arena Resources Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ARRI) ("Arena") announced today it has entered into a $10 million secured credit facility with Bank of Oklahoma, N.A. The credit facility provides for an immediate borrowing base of $2 million. Tim Rochford, president and 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. of Arena, stated, "2002 was a year of growth and gratification GRATIFICATION. A reward given voluntarily for some service or benefit rendered, without being requested so to do, either expressly or by implication. . We were able to complete five acquisitions during the year which not only provide immediate cash flow, but also present opportunities for growth through further development and enhancement. This credit facility will allow us to react immediately to future acquisition opportunities." 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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