Arena Resources Acquires Oil and Gas Production in New Mexico
Tulsa, Oklahoma — May 1, 2003 — Arena Resources, Inc. (AMEX: ARD) ("Arena") announced today that it has finalized the acquisition of a mineral lease in Lea County, New Mexico, totaling 2,240 acres. This is Arena's first property in New Mexico.

The lease has current daily production of 135 barrels of oil and 120 thousand cubic feet of gas. Arena has a 70% working interest and will be the lease operator. Management intends to increase daily production through further enhancements to existing wells and additional offset drilling.

This is Arena's first acquisition in 2003 after successfully completing five acquisitions in 2002.

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