Arena Resources has finalized the acquisition of a mineral lease in Lea County, N.M., totaling 2,240 acres. This is Arena's first property in New Mexico. The lease has current daily production of 135 barrels of oil and 120,000 cubic feet of gas. Arena has a 70% working interest and will be the lease operator. Management intends to increase daily production through further enhancements to existing wells and additional offset drilling.
This is Arena's first acquisition in 2003 after successfully completing five acquisitions in 2002.