Arena Resources , Inc. Announces Pricing of Public Common Stock Offering
Tulsa, Oklahoma — May 29, 2008 — Arena Resources, Inc. (NYSE-ARD)(“Arena”)(“Company”) today announced that it has priced its sale of 2,175,000 shares of its common stock resulting in net proceeds of approximately $100,750,000. On May 28, 2008, the closing price of the Company’s common shares on the New York Stock Exchange was $51.92 per share. Dahlman Rose & Company, LLC acted as the bookrunning manager for the offering with Tudor, Pickering, Holt & Co. Securities Inc. and Capital One Southcoast, Inc. as co-managers. 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 common shares are being issued pursuant to the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission. Copies of the final prospectus supplement relating to this offering may be obtained from Dahlman Rose & Company, LLC, 142 West 57th Street, 18th Floor, New York, New York  10019.

Arena intends to use the net proceeds from the offering to repay existing debt and for capital expenditures, which will include drilling and development of its properties and possible acquisitions of additional properties.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.