Arena Resources , Inc. Announces Public Offering of 2,175,000 Shares of Common Stock
Tulsa, Oklahoma — May 28, 2008 — Arena Resources, Inc. (NYSE-ARD)(“Arena”)(“Company”) today announced that it has commenced a public offering of 2,175,000 shares of common stock. On May 28, 2008, the closing price of the Company’s common shares on the New York Stock Exchange was $51.92 per share. The common shares are being offered pursuant to the Company’s effective shelf registration statement. Dahlman Rose & Company, LLC is acting as the bookrunning manager for the offering, and Tudor, Pickering, Holt & Co. Securities Inc. and Capital One Southcoast, Inc. are acting as co-managers for the offering. The Company expects to close the sale of the common shares on June 3, 2008, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to 326,250 additional shares to cover over-allotments.

The net proceeds of the offering are expected to be used to repay existing debt and for capital expenditures, which will include drilling and development of our properties and possible acquisitions of additional properties.

The offering is being made only by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission. When available, copies of the prospectus and prospectus supplement relating to the offering shares of common stock may be obtained from Dahlman Rose & Company, LLC, 142 West 57th Street, 18th Floor, New York, New York 10019, (212) 920-2940.