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Arena Resources Drills Second Successful
Gas Well in Kansas
Tulsa, Oklahoma — January 21, 2004 — Arena
Resources, Inc. (AMEX: ARD) ("Arena") announced today
that it has successfully drilled a second gas well on
its Auntie Em Prospect lease in Kansas.
The Rexford No. 1-30, located in Gray County, was drilled
to an approximate depth of 2,800 feet. Arena management
anticipates that the well will be completed and readied
for production over the next 60 to 90 days.
The Rexford No. 1-30, along with the Koehn No. 1, were
drilled under a farmout agreement in which Arena has
a 75% net working interest in both wells after recovery
of its costs. The company is finalizing its leasing
efforts in the immediate area, which should approximate
1,200 acres. Management is encouraged by the success
of the two wells and is currently evaluating the lease
for additional drilling sites.
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
Jim Drewitz, Investor Relations
Jdrewitz@comcast.net
972-355-6070
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