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Arena Resources, Inc. Acquires 3,200 Acres of Production Leases in Oklahoma Tulsa, Oklahoma — September 16, 2002 — Arena Resources, Inc. (OTCBB: ARRI) ("Arena") today announced that it has finalized the acquisition of mineral leases in Cimarron County, Okla., totaling 3,200 contiguous acres. One lease consists of approximately 600 acres in which Arena has a 24.5% working interest. The other leases consist of approximately 2,600 acres in which Arena has a 100% working interest and will be the operator. The leases have a total of 10 operating wells. Management intends to increase daily production through further enhancements to existing wells and additional offset drilling. Arena Resources Inc. has, since July 1, 2002, closed three acquisitions of leases producing approximately 300 BOPD on over 5,400 acres in Texas and Cimarron Counties.
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| 11.20.02 Arena Resources, Inc. Announces Third Quarter and Nine Month 2002 Financial and Operating Results |
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| ............................................ 09.16.02 Arena Resources, Inc. Acquires 3,200 Acres of Production Leases in Oklahoma |
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| ............................................ 08.20.02 Arena Resources, Inc. Announces Fisrt Conversion of Preferred Shares |
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| ............................................ 08.09.02 Arena Resources, Inc. Announces Second Quarter and Six Month 2002 Financial and Operating Results |
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| ............................................ 07.17.02 Arena Resources, Inc. Enters Into Agreement to Acquire Oklahoma Production Lease |
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| ............................................ 07.10.02 Arena Resources, Inc. Announces Completion of Private Placement |
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| ............................................ 07.01.02 Arena Resources, Inc. Acquires 1,430 Acre Producing Lease in Oklahoma |
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| ............................................ 06.19.02 Arena Resources, Inc. Signs Letter of Intent to Acquire Oklahoma |
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| ............................................ 05.23.02 Arena Resources, Inc. Increases Working Interest, Acreage in Kansas |
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| ............................................ 05.14.02 Arena Resources, Inc. Announces First Quarter 2002 Financial and Operating Results |
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| ............................................ 05.02.02 Arena Resources, Adds an Estmated 1.2 Million Barrels of Oil with Texas Mineral Lease Acquisition |
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| ............................................ 04.09.02 Arena Resources, Inc. Enters into Letter of Intent on 570 Acre Texas Mineral Lease for Secondary Recovery Project |
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| ............................................ 03.27.02 Arena Resources, Inc. Reports 2001 Results of Operation, New CFO |
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| ............................................ 01.07.02 Arena Resources, Inc. Commences Production on Oklahoma Well |
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