Arena Resources Inc., Tulsa, Okla., (NYSE: ARD) has acquired two Permian Basin properties from undisclosed sellers in Andrews County, Texas, for a total price of $49 million. The assets include 100% operated working interest (average net revenue interest 75%) on approximately 5,000 acres. One property is in the Fuhrman-Mascho Field adjacent to Arena's Fuhrman-Mascho properties acquired in December 2004. Approximately 120 new drilling locations have been identified with the potential to increase through in-fill drilling. In addition to production from the San Andres and Queen formations, Arena has secured the rights to the Yates gas formation.
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