Arena Resources Adds an Estimated 1.2 Million Barrels of Oil with Texas Mineral Lease Acquisition.

Business Editors

TULSA, Okla.--(BUSINESS WIRE)--May 2, 2002

Arena Resources Inc. (OTCBB: ARRI) ("Arena") Thursday announced it has acquired a 100 percent working interest in a mineral lease located in Montague County, Texas.

The lease consists of approximately 570 acres with existing oil and gas production and has produced over 3.7 million barrels of oil under primary recovery mechanisms.

Independent analysis has indicated estimated recoverable reserves of over 1.2 million barrels of oil. Management intends to produce the reserves using a water injection program similar to others in the area which have historically proved to be successful.

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

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.