ARD Chairman Stan McCabe Unloads 300,000 Shares Between Completion of Q3 and Release of Actual Results
Expect Q3 Results to Impress; The Alternative Would be Insider Trading and an SEC Investigation

It is amazing that ARD produced 295,000 BOE in Q3 along with estimated Revenue of $17.9 million as per the Q3 Operational Update. Expect ARD to impress with final results. Outlook for Q4 should be positive. For a chairman of a publicly traded company to sell at such a sensitive time (after the close of a quarter but before the release of the actual results) in the presence of bad news or simply lackluster performance would merit an SEC investigation for insider trading. (View the SEC filing here.)

The management team at Arena Resources is superior. Any thought of insider trading would be uncharacteristic of such a talented management team. Therefore, one should fully expect another quarter with excellent results to be posted possibly as early as next friday with the company conference call to follow on the following Monday. (Don't be surprised if the company 10Q is released after the close of trading on Friday, November 3 with the third quarter conference call to be scheduled promptly at 10amCT on Monday, November 6.)