Arena Resources, Inc. today announced its operations update for the first quarter of 2008. During the first quarter, Arena drilled a total of 55 new wells; 54 wells on its Fuhrman-Mascho lease in Andrews County, Texas, and one well on its Y-6 lease in Fisher County, Texas. In addition, the Company re-stimulated ten existing wells on its Fuhrman-Mascho lease.
Sales for the quarter ended March 31, 2008 were approximately 510,000 BOE, as compared to sales of 336,694 BOE for the same quarter in 2007, a 51 percent increase, and a 15% increase over the 441,632 BOE sold in the fourth quarter of 2007.
Average net daily sales increased to approximately 5,600 BOEPD in the first quarter 2008, as compared to 3,741 BOEPD in the first quarter of 2007, and 4,620 BOEPD in the fourth quarter of 2007.