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TULSA, Okla. (AP) - Oil and gas producer Arena Resources Inc. said Thursday its first-quarter profit more than tripled on higher prices and volumes produced.
| ARD | 49.88 |  0.14 |
Net income for the three months ended March 31 climbed to $18.3 million, or 51 cents per share, compared with $5.7 million, or 18 cents per share, in the year-earlier period.
Analysts polled by Thomson Financial expected earnings per share of 45 cents.
Revenue climbed to $45.3 million from $16.7 million. Analysts expected revenue of $42.4 million.
Arena's overall production jumped 54 percent.
Compared with the year-earlier quarter, the company's average commodity prices rose to $92.10 per barrel of crude oil from $51.71, and to $9.34 per thousand cubic feet of natural gas from $6.28.
Shares rose $1.89, or 4.1 percent, to $47.57 in morning trading.
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