Arena Resources, Inc. Increases Ownership in Oklahoma Wells Tulsa, Oklahoma — May 21, 2001 — Arena Resources, Inc. (OTCBB: ARRI) ("Arena") today announced it has increased its ownership position in two Oklahoma wells. Arena has a 40% working interest in both the Spears No. 1, located in McIntosh County, and the Casey No. 1, located in Muskogee County. With the acquisition of an additional 30% of each of these wells from other working interest owners, the company now has a 70% working interest in each well. A portion of the net proceeds of the company's recently completed IPO will be used to acquire these interests. Through this additional ownership, Arena management estimates it has increased its reserves by 400 million cubic feet in these two wells. The company recently release that it had successfully drilled Casey No. 1, encountering two separate formations with each formation averaging in excess of 40 feet of net pay. The well is currently being readied for completion. Arena Resources, Inc. is an oil and gas exploration, development and production company with current operations in 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. Reaers 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.    Contact: K M Financial, Inc. Bill Parsons 480-947-1589
		10.01.01 Arena Resources, Inc. Expands Acreage and Ownership in Oklahoma Prospect
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