Arena Resources, Inc. announced today that its estimated total proved reserves of oil and natural gas as of December 31, 2007 increased 29 percent to 55.4 million barrels of oil equivalent, from 43.1 million BOE at year end 2006, and 32 percent when adjusted for 2007 oil and gas sales.
The 2007 year-end proved reserves consisted of 47.4 million barrels of crude oil (86 percent) and 48.1 Bcf of natural gas (14 percent). Of the 55.4 million BOE of total proved reserves, 36 percent are proved developed and 64 percent are proved undeveloped. The proved developed reserves consist of proved developed producing (26 percent), proved developed non-producing (6 percent) and proved developed behind-pipe (4 percent).
Total net sales production for the fourth quarter of 2007 was 441,632 BOE, as compared to 331,200 BOE for the same period in 2006, an increase of 33 percent. Net sales production for the full year 2007 was 1,566,627 BOE, compared to 1,065,613 BOE in 2006, an increase of 47 percent. The company’s average net daily sales production in the fourth quarter of 2007 was approximately 4,800 BOE per day, as compared to 3,600 BOE in the fourth quarter 2006, and 4,380 BOE in the third quarter 2007.