Arena Resources, Inc. (ARD)

[frenchee]

Arena Resources Inc. (ARD) said it acquired two properties located in Andrews County, Texas for $49 million.

The Tulsa, Okla. oil and gas exploration company said current net production is about 560 barrels of oil equivalent and is over 85% oil.

Initial reserve estimates indicate there is an estimated 8 million barrels of oil equivalent a day, excluding potential gas reserves and additional oil reserves.

The purchase was financed by existing cash reserves and from a $150 million credit facility.

The closing date was Dec. 11 and the effective date was Dec. 1.