Arena Resources, Inc. Announces Purchase of Second Drilling Rig
Rig anticipated to be in operation by early August
Tulsa, Oklahoma — May 10, 2007 — Arena Resources, Inc. (AMEX: ARD) ("Arena" or the "Company") announced today it has purchased its second drilling rig. The rig will be completely refurbished and erected on site at one of the Company’s Fuhrman Mascho (“Fuhrman Mascho”) drill sites in Andrews County, Texas. The 600 horse power drilling rig,  capable of drilling to a depth of 9,000 feet, is expected to be in operation by early August and will be the second Company-owned rig working exclusively at the Company’s Fuhrman Mascho leases. The rig will cost $1.6 million; however, with the purchase of additional drill pipe, drill collars and other ancillary equipment, management estimates the total cost will be approximately $2 million.

Since initiating drilling at the Fuhrman Mascho in April 2005, the Company has drilled 165 wells. Because of increased knowledge of the area and the application of new drilling techniques, including the use of diamond drilling bits and down-hole drilling motors, the Company has reduced the drilling time from 6 ½ - 7 days to 5 days per well with its rig. Arena has had two drilling rigs, one Company-owned and one contract, working full time at its Fuhrman Mascho property since May 2006.  The contract rig will not be renewed upon the completion of the current contract, estimated to end mid-June. Management estimates savings of $20 - $25 thousand per well because of the reduced drilling time by using the new drilling techniques.

Mr. Tim Rochford, CEO stated, “Both of our rigs will be used exclusively for our own properties. Because of the reduced drilling time and the increased efficiencies, we are confident in our ability to drill new wells at our Fuhrman Mascho at a rate of six wells per month per rig. We now estimate drilling 120 wells at Fuhrman Mascho in 2007 and have increased our capital expenditure budget to $104 million. We want to make sure that our operational and support staff, along with our contract vendors which supply completion and other services are comfortable with this new schedule before considering adding a third rig.”