Arena Resources, Inc. announced today financial results for the three months ended September 30, 2007.
For the three month period ended September 30, 2007, Arena had oil and gas revenues of $26.7 million, compared to $18.1 million for the quarter ended September 30, 2006, a 47 percent increase.
The company reported net income of $11.4 million (a 42 percent increase) compared to $8.0 million for the same period in 2006.
The revenue increase for the third quarter was a result of increases in production volumes due to increased development activity and increased commodity prices. For the three months ended September 30, 2007, oil sales volume increased to 344,399 barrels, compared to 256,366 barrels for the same period in 2006, a 34 percent increase, and gas sales volume increased to 351,498 MCF, compared to 276,881 MCF for the same period in 2006, a 27 percent increase.
Lease operating expenses, including production taxes, for the three months ended September 30, 2007 were $11.19 per barrel of oil equivalent, a 34 percent increase from the prior year.
During the third quarter, Arena drilled 28 new development wells, completing and placing in production 22.