Arena Resources Signs Letter of Intent To Acquire New Mexico Prospect
Tulsa, Oklahoma — April 15, 2004 — Arena Resources, Inc. (AMEX: ARD) ("Arena") announced today that it has signed a Letter of Intent for the acquisition of a mineral lease located in Lea County, New Mexico, subject to the completion of due diligence and execution of a definitive agreement.

If successful, management anticipates the transaction will represent the company's most significant acquisition to date.

The effective date of the acquisition will be March 1, 2004, with definitive documents scheduled to be finalized on or before May 7, 2004.

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