Arena Resources, Inc. announced today that its estimated total proved reserves of oil and natural gas as of December 31, 2006 increased 43 percent to 43.1 million barrels of oil equivalent, from 30.2 million Boe at year-end 2005.
The 2006 year-end proved reserves consisted of 36.1 million barrels of crude oil (84 percent) and 42.4 Bcf of natural gas (16 percent).
The estimated present value, as of December 31, 2006, was $847.7 million, using year-end average pricing of $54.21 per barrel for oil and $5.94 per Mcf for natural gas.
This compares to $682.9 million at year-end 2005. These estimates are based on an independent reserve study of Arena’s oil and gas properties prepared by Lee Keeling & Associates, Inc. of Tulsa.
Total net sales production for the fourth quarter of 2006 was 331,200 Boe, as compared to 172,386 Boe for the same period in 2005, an increase of 92 percent.
Net sales production for the full year 2006 was 1,065,613 Boe, compared to 508,430 Boe in 2005, an increase of 110 percent.