Arena Resources, Inc. Receives $5 Million from Warrant Exercise
Tulsa, Oklahoma — February 22, 2005 — Arena Resources, Inc. (AMEX: ARD, ARD.WS) ("Arena") ("Company") announced today that it has received $5,047,470 from the exercise of 1,009,494 warrants that the Company recently called for redemption. The warrants were originally issued in connection with a private placement of common stock completed in June 2003. Each warrant holder electing to exercise their warrants prior to redemption was entitled to receive one share of the Company's restricted common stock for each warrant held, at an exercise price of $5.00 per share. After the exercise of the warrants, the Company has 10,188,204 common shares issued and outstanding.

The proceeds will be applied toward the Company's 2005 developmental drilling program, retirement of long-term debt and general working capital.

About Arena Resources, Inc.
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.

For further information contact:
K M Financial, Inc.
Bill Parsons
480-947-1589
k-m-financial@msn.com