Arena Resources, Inc. announced today the financial and operational results for the first quarter ended March 31, 2007.
For the three month period ended March 31, 2007, Arena had oil and gas revenues of $16.6 million, compared to $10.3 million for the quarter ended March 31, 2006, a 60 percent increase and net income of $5.7 million, compared to net income of $3.6 million for the same period in 2006, a 59 percent increase.
According to the company, the revenue increase was due to increases in production volumes, primarily development activity.
For the three months, oil sales volume increased to 282,538 barrels, compared to 167,167 barrels for the same period in 2006, a 69 percent increase and gas sales volume increased to 324,935 MCF, compared to 142,036 MCF for the same period in 2006, a 129 percent increase.
Lease operating expenses, including production taxes, for the three months ended March 31, 2007 were $9.86 per barrel of oil equivalent, a 9 percent decrease from the prior year.
Net cash flow from operations for the three was $12.4 million compared to net cash flow of $7.7 million for the same period in 2006.