Arena Resources Announces First Quarter 2005 Financial
and Operating Results
Tulsa, Oklahoma — May 11, 2005 — Arena Resources, Inc. (AMEX: ARD, ARD.WS) ("Arena") ("Company") announced today financial results for the first quarter ended March 31, 2005. Arena had net income of $1,313,253 or $0.12 per fully diluted share, on oil and gas revenues of $3,914,735 for the first quarter of 2005, compared to net income of $309,641, or $0.04 per fully diluted share, on oil and gas revenues of $1,200,400 for the quarter ended March 31, 2004.

The revenue increase was due to increases in production volumes, primarily from acquisitions made in 2004 and 37% higher oil prices and 15% higher gas prices. For the three months ended March 31, 2005, oil sales volume increased to 77,260 barrels, compared to 33,783 barrels for the same period in 2004, a 129% increase. For the three months ended March 31, 2005, gas sales volume increased to 83,315 MCF (thousand cubic feet), compared to 19,323 MCF for the same period in 2004, a 331% increase. The average commodity prices received by Arena were $45.70 per barrel of oil and $4.61 per MCF of natural gas for the quarter ended March 31, 2005, compared to $33.24 per barrel of oil and $4.00 per MCF of natural gas for the quarter ended March 31, 2004.

For the quarter ended March 31, 2005, the Company had net cash flow from operations of $2,452,877, or $0.22 per fully diluted share, as compared to $618,088, or $0.08 per fully diluted share for the same period in 2004, an increase of 297% (1).

Arena's Chief Executive Officer, Mr. Tim Rochford, stated, "We are extremely proud of the results for the first quarter. It has been another record quarter for us. As we continue to pursue acquisition opportunities, our primary focus has been on the development of our existing properties, with emphasis on our Fuhrman – Mascho and East Hobbs Permian Basin leases acquired in 2004. We have moved a rig onto our Fuhrman – Mascho lease and have drilled the first 2 of 27 wells scheduled for 2005 on that property. We have also initiated our re-stimulation program using a "slick frac" technology on the first of 20 targeted, low producing wells. On our East Hobbs lease we are in the process of opening up additional production zones in selected wells, as well as finalizing the preparation of the lease for an initial waterflood recovery in three formations which is scheduled to commence in June. We are encouraged by the initial results we have seen and are now evaluating expediting the development of these properties, subject to equipment availability."

First Quarter Events
• Warrant exercise and $5 million reduction in long-term debt. – The Company received $5,672,608 through the exercise of 1,163,269 warrants. $5 million of the proceeds was used to reduce long-term debt from $10 million to $5 million.

• Credit Facility increase to $50 million, with $35 million immediate borrowing base. – The Company's credit facility with Mid First Bank of Oklahoma City was increased from $25 million with an immediate borrowing base of $15 million, to $50 million with an immediate borrowing base of $35 million. The Company currently has $5 million outstanding on this facility.

• Acquisition of additional 17,500 undeveloped acres in Kansas. – In March, the Company entered into a definitive agreement to acquire a total of 17,500 acres in Kansas. The Syracuse Prospect in Hamilton County has approximately 13,000 acres. The Rocky Prospect in Greeley County has approximately 2,000 acres. Both prospects are undeveloped and are being acquired for future oil and gas exploration and development. The Company also acquired 2,500 acres in Gray and Haskell Counties. The acreage is contiguous to the CompanyÕs Auntie Em Prospect which currently has three producing gas wells with two additional development wells scheduled to be drilled before year end.

(1) Cash Flow from Operations is a non-GAAP financial measure that represents "Net Cash Provided By Operating Activities" adjusted for the change in operating assets and liabilities. See below for a reconciliation of the related amounts.

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