Arena Resources, Inc. reported net income of $9.3 million, or $0.24 per diluted share, in the fourth quarter of 2009. The company earned $13.5 million, or $0.35 per diluted share, in the same quarter of 2008.
Arena Resources, Inc. reported revenues of $42.35 million in the fourth quarter of 2009, an increase of 30% from the $32.9 million in revenue reported for the same quarter of 2008. Arena Resources, Inc. said that this was the 34th consecutive quarter of profitability for the company.
Phil Terry, the CEO of Arena Resources, Inc., said, “The fourth quarter was another very positive quarter for our Company. Our sales increased in spite of impairments to production associated with natural gas and oil purchaser problems. We posted another profitable quarter for our shareholders, which marks 34 consecutive quarters of profitable operations.”
Arena Resources, Inc. is an oil and gas exploration and development company with properties in New Mexico, Texas, Oklahoma, and Kansas. The company’s core properties are in the Fuhrman-Mascho field in Andrews County, Texas. Arena Resources, Inc. drilled 74 wells in 2009 to the San Andres formation in the Fuhrman-Mascho field.