Arena Resources Reports 2001 Results of Operations, New CFO.Business Editors TULSA, Okla.--(BUSINESS WIRE)--March 27, 2002 Arena Resources Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ARRI) ("Arena") Wednesday announced its financial results for the 2001 year. In its first full year of operations, Arena had net income of $18,165 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 total revenues of $296,936. Net loss after preferred stock dividends was $44,927 or $0.01 per share compared to a net loss of $110,423 or $0.04 per share on revenues of $2,424 for the year 2000. 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 2001 year was $84,023. 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. , all added during 2001, totaled over 490,000 barrels of oil and 2.9 million cubic feet of gas. Future net revenues, both undiscounted and discounted 10 percent, based on year-end commodity prices were $11,071,319 and $7,373,059, respectively. Management also announced the addition of William R. (Randy) Broaddrick as vice president, CFO See Chief Financial Officer. . Broaddrick is a certified public accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. who has had experience in public accounting as well as the communications and energy industries with WorldCom, BP Amoco, PriceWaterhouseCoopers and Duke Energy Field Services prior to joining Arena. Arena Resources Inc. is an oil and gas exploration, development and production company with current operations in Texas and Oklahoma. This release contains forward-looking statements 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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