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Arena Resources, Inc. Announces Redemption of Public Warrants Tulsa, Oklahoma — August 25, 2005 — Arena Resources, Inc. (AMEX: ARD, ARD.WS) ("Arena") ("Company") announced today that it will redeem its outstanding common stock purchase warrants (AMEX: ARD.WS) that were issued in connection with Arena Resources, Inc. secondary public offering on August 10, 2004 (the "Secondary Warrants"). Under the terms of the Secondary Warrants, commencing one year from the date of the secondary public offering and until the expiration of the Secondary Warrants (August 9, 2008), the Company has the right to redeem all outstanding Secondary Warrants upon not less than 30 days' notice, at a price of $0.10 per Secondary Warrant, provided that the closing bid price of the Company's common stock equals or exceeds $9.76 for 20 consecutive trading days. A notice regarding the redemption of the Secondary Warrants is expected to be mailed on or about August 31, 2005, to each Secondary Warrant holder of record providing details relating to the redemption, as well as instructions regarding how to exercise the Secondary Warrants. The deadline to exercise for holders of Secondary Warrants is 5:00 p.m., Central Daylight Savings Time, on Friday, October 7, 2005 (the "Redemption Date"). Each Secondary Warrant is exercisable to purchase one share of common stock at an exercise price of $7.32 per share. Any Secondary Warrant called for redemption and not exercised on or before 5:00 p.m., Central Daylight Savings Time, on the Redemption Date will cease to be exercisable and the holder will be entitled only to a redemption price of $0.10 per Secondary Warrant. A total of 1,667,500 Secondary Warrants were initially issued in conjunction with Arena's secondary public offering. The closing price of the Company's common stock on August 24, 2005 was $15.50 and the closing price of the Secondary Warrants was $8.15. From August 10, 2004 to August 24, 2005, 199,297 Secondary Warrants have been exercised resulting in proceeds to the Company of $1,458,854. Should the remaining 1,468,203 Secondary Warrants convert to common stock, Arena would receive an additional $10,747,246 in proceeds. The Company will use the proceeds to enhance current development activities and for general corporate purposes. If all of the currently outstanding Secondary Warrants are redeemed, rather than exercised by the holders of the Secondary Warrants, Arena will pay approximately $146,820 in redemption fees.
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| 12.08.05 Arena Resources Announces Rig Purchase and Acceleration of 2006 CAPEX Budget |
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| ............................................ 11.17.05 Arena Resources Increases 2005 Capital Expenditure to $24 Million |
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| ............................................ 11.01.05 Arena Resources, Inc. Announces Record Third Quarter and Nine Month 2005 Financial and Operating Results |
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| ............................................ 10.19.05 Arena Resources, Inc. Provides Third Quarter 2005 Operations Update |
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| ............................................ 08.02.05 Arena Resources, Inc. Announces Completion of Texas Properties Acquisition |
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| ............................................ 07.29.05 Arena Resources Announces Second Quarter and Six Month 2005 Financial and Operating Results |
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| ............................................ 07.14.05 Arena Resources, Inc. Provides Second Quarter 2005 Operations Update; Increases Capital Expenditure Budgets |
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| ............................................ 07.13.05 Arena Resources, Inc. Announces Receipt of $10 Million in Private Investment Funds |
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| ............................................ 05.25.05 Arena Resources, Inc. Announces Letter of Intent on Texas Properties |
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| ............................................ 05.11.05 Arena Resources Announces First Quarter 2005 Financial and Operating Results |
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| ............................................ 03.29.05 Arena Resources, Inc. to Host Meetings at Howard Weil Energy Conference |
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| ............................................ 03.24.05 Arena Resources, Inc. Announces Acquisition of 17,500 Acres in Kansas |
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| ............................................ 03.18.05 Arena Resources Announces Record Financial and Operational Results for Fourth Quarter and Year End 2004 |
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| ............................................ 03.04.05 Arena Resources, Inc. Announces 2004 Year End Production and Reserves |
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| ............................................ 02.22.05 Arena Resources, Inc. Receives $5 Million from Warrant Exercise |
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| ............................................ 02.01.05 Arena Resources, Inc. Provides Fourth Quarter 2004 Operations Update and Announces 2005 Capital Budget of $15 Million |
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| © COPYRIGHT 2001-2008 ARENA RESOURCES, INC. ALL RIGHTS RESERVED. |
| COMPANY PROFILE :: MANAGEMENT TEAM :: INVESTOR RELATIONS RESEARCH :: PRESS RELEASES/CONFERENCE CALLS :: CORPORATE GOVERNANCE ARENA PRESENTATION :: SEC FILING :: CONTACT US |
