Arena Resources 1Q Net Up 59 Percent

Arena Resources Inc.’s first quarter results were up 60 percent from a year ago.
For the period ending March 31, Arena boasted oil and gas revenues of $16.6 million, compared to $10.3 million a year ago — a 60 percent increase.
Arena’s net income rose 59 percent from $3.5 million in the first quarter of 2006 to $5.7 million in 2006.
Arena’s profits were 37 cents per share, compared to 25 cents a share for the same period in 2006.
Increases in production volumes contributed to the revenue jump.
Oil sales increased 69 percent from 167,167 barrels a year ago to 282,538 barrels in 2007. Natural gas sales volume increased 129 percent from 142,036 thousand cubic feet, to 324,935 mcf.

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