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Arena Resources, Inc. Announces Acquisition of 17,500 Acres
in Kansas
Tulsa,
Oklahoma — March 24, 2005 — Arena Resources, Inc. (AMEX: ARD, ARD.WS)
("Arena") ("Company") announced today that it has entered into a definitive agreement
to acquire approximately 15,000 acres in Hamilton and Greeley Counties in western
Kansas. Subject to standard due-diligence, closing is scheduled on or before April
15, 2005. The Syracuse Prospect, located in Hamilton County, has approximately
13,000 acres. The Rocky Prospect, located in Greeley County, has approximately
2,000 acres. Both prospects are in close proximity to the Company's existing producing
leases, are undeveloped and were acquired for future oil and gas exploration and
development.
In a separate transaction, the Company announced it has
acquired over 2,500 acres in Gray and Haskell Counties, Kansas, contiguous to
their Auntie Em Prospect which currently has three producing gas wells with two
additional development wells scheduled to be drilled before year end.
Arena's management is currently evaluating plans for development of these properties
within the parameters of the Company's capital budget for 2005.
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
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