Arena Resources Announces Update, Annual Reserves

During the fourth quarter Arena Resources drills 54 new wells: 48 on its Fuhrman-Mascho lease in Andrews County, Texas, five in Lea County, N.M., and one deep test well on the Homann lease in Gaines County, Texas.
In addition, the company re-stimulated three existing wells on its Fuhrman-Mascho lease. The results of this drilling activity are described on a property-by-property basis below.
Sales for the quarter ended Dec. 31, were 642,593 barrel of oil equivalents, as compared to sales of 441,632 BOE for the same quarter in 2007, a 46 percent increase, and a 4 percent increase over the 618,835 BOE sold in the third quarter of 2008.
Total sales production for 2008 was 2,336,954 BOE, as compared to 1,566,627 BOE in 2007, a 49 percent increase. Average net daily sales increased to 6,985 BOEPD in the fourth quarter of 2008, as compared to 4,800 BOEPD in the fourth quarter of 2007, and 6,726 BOEPD in the third quarter of 2008.



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