To date, Arena has invested over $1.1 billion of net capital in offshore Gulf of Mexico projects. Each year, Arena invests between $150 and $200 million in drilling and development activities. These investments have been financed with a combination of cash flow from production, senior bank debt, mezzanine debt, and member equity. Arena’s founders and partner-level employees have made equity investments in the company whose total exceeds $14 million. No outside investors own an interest in the company.
Arena’s strong cash flow stems from net production exceeding 100 MMCFEPD. Further liquidity is provided by a six bank senior credit facility led by Wells Fargo. Arena prepares financial reports audited by Deloitte on an annual basis. Semi-annually the company generates a reserve report through its outside auditor, Ryder-Scott Company, L.P.