Arena Resources Increases 2005 Capital Expenditure to $24 Million
Estimates 2006 Budget at $35 Million
Tulsa, Oklahoma — November 17, 2005 — Arena Resources, Inc. (AMEX: ARD, ARD.WS) ("Arena") ("Company") announced today it has increased its capital expenditure budget by $5.5 million for 2005 to $24 million. On July 14, 2005 the Company announced an increase of $4 million in its capital expenditure budget to approximately $18.5 million based on the level of development activity on its Fuhrman-Mascho lease in Andrews County, Texas. Management has now increased the number of development wells to be drilled on the Fuhrman-Mascho in 2005 to 35, 13 of which will be drilled in the fourth quarter. The increase also includes three additional test wells, for a total of four in 2005, to the Yates gas formation to further evaluate development potential. The Company has maintained the number of re-stimulations of existing wells at 20. The Company has also accelerated the consolidation and modernization of the infrastructure of the lease in preparation for future developmental drilling.

In addition, the Company has continued to improve and develop a number of its other properties. In the fourth quarter Arena will drill two development wells and convert one additional well to water injection in preparation for secondary recovery on its East Hobbs lease, drill one development well on its Eva South lease in Texas County, Oklahoma, convert three wells to water injection in preparation for secondary recovery on its Y-6 unit in Fisher County, Texas, and drill three additional wells in Kansas (two developmental wells on the Auntie Em lease and a second exploratory well on the Rocky Prospect).

Arena management estimates that based on the current level of activity, with no additional acquisitions, its capital expenditure budget for 2006 will be approximately $35 million; however, management will examine the proposed budget more closely at year end, with the possibility of increasing it based on the opportunity to accelerate specific lease development. It is anticipated that the majority of the 2006 capital expenditure budget will be used to further develop the Fuhrman-Mascho lease, on which the Company estimates there are currently a minimum of 139 proved undeveloped locations to be drilled.

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