Arena Resources Finalizes Acquisition of 30 Wells in New Mexico and Texas.

Energy Editors/Business Editors

TULSA, Okla.--(BUSINESS WIRE)--Nov. 13, 2003

Arena Resources Inc. (AMEX: ARD) ("Arena") announced today it has finalized the acquisition of 100% working interests in mineral leases located in Eddy County, N.M., and Yoakum County, Texas. The leases have net revenue interests of approximately 78% and 80%, respectively, consist of approximately 2,700 acres with existing oil and gas production from 30 wells, positive cash flow and additional developmental opportunities. Preliminary engineering reports show combined proven reserves in excess of 2.5 million BOEs (Barrel of Oil Equivalents), and more than $20 million PV-10 (Present Value of Reserves, discounted 10%).

The acquisitions are effective as of Oct. 1, 2003.

Tim Rochford, Arena's chief executive officer, stated, "The acquisition of these properties adheres to the company's business plan of acquiring producing properties with existing cash flow and, equally important, production development opportunities for future years. These acquisitions also represent an immediate increase in our estimated discounted value of reserves to over $83 million, most of which has been acquired in the past two years."

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.