Arena Resources, Inc. Announces New Mexico Acquisition.

Adds Estimated Proved Reserves of 1.2 Million Barrels of Oil Equivalent

TULSA, Okla. -- Arena Resources, Inc. (NYSE: ARD) ("Company")("Arena") announced today that it has finalized the acquisition of a property located in Lea County, New Mexico for a purchase price of $10,265,000. The property was acquired using existing cash reserves with a closing date of June 3, 2008 and an effective date of June 1, 2008.

Property Information

The property consists of approximately 800 acres and is located in close proximity to the Company's East Hobbs San Andres Unit acquired in May 2004. Arena will be the operator and have a 100% working interest and average net revenue interest in excess of 75%. The current gross production to the Company from the properties is approximately 100 BOE (Barrels of Oil Equivalent) per day and is over 70% oil. Arena's engineering team has identified approximately twelve new drilling locations, with the potential to increase that number through additional in-fill drilling and development.

Reserve Estimates

The Company's initial reserve estimates, as determined by internal engineering evaluations, indicate the properties have an estimated 1.2 million BOEs of proved reserves net to Arena. The proved reserves represent an estimated acquisition cost of $8.55 per BOE and are approximately 50% proved developed producing.

Mr. Phil Terry, CEO of Arena, stated, "This acquisition complements our East Hobbs Unit and is consistent with our efforts to focus on the continued growth of our core assets. We will be very active the second half of this year in New Mexico with approximately 50 new development wells scheduled to be drilled, as well as additional re-entries of existing wells, conversion of some existing wells to water injectors in preparation for secondary recovery and continued infrastructure improvements."

About Arena Resources, Inc.

Arena Resources, Inc. is an oil and gas exploration, development and production company with current operations in Texas, Oklahoma, Kansas and New Mexico.

This release contains forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the Company's strategy and prospects. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.