Arena Resources Announces First Quarter 2004 Results



Arena Resources reports financial results for the first quarter ended March 31, 2004. Arena had net income of $368,398 or $0.05 per share on oil and gas revenues of $1,409,719, up 75% from revenues of $807,021 for the quarter ended March 31, 2003. Net income increased 104% from $180,306 or $0.03 per share for the first quarter of 2003.

Net cash flow from operations increased to $687,814 from $278,265 for the same period in 2003. Production for the quarter ended March 31, 2003 was 42,061 BOE (Barrel of Oil Equivalent) compared to 25,408 BOE for the quarter ended March 31, 2003, a 66% increase. The average price per BOE was $32.50 compared to $31.77 in 2003.
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