Arena Resources Restates First Quarter 2004 Results
Tulsa, Oklahoma — May 28, 2004 — Arena Resources, Inc. (AMEX: ARD) ("Arena") Tulsa, announced today it has restated the results for the first quarter ended March 31, 2004.

On May 7, 2004, Arena acquired an 82% working interest, 67% net revenue interest, in the East Hobbs San Andres Property mineral lease ("East Hobbs") located in Lea County, New Mexico. Although the Purchase and Sales Agreement transferred the revenue and the related operating costs for East Hobbs to Arena beginning March 1, 2004, Arena did not control the property interests until May 7, 2004. As a result, the acquisition date for accounting purposes was May 7, 2004 and therefore the East Hobbs' operations will be included in the results of operations of Arena from May 7, 2004. Revenues and operating costs from East Hobbs for the month of March, 2004, which were originally included in the financial information in Arena's Form 10- QSB filed May 17, 2004, are now treated as adjustments to the purchase price.

After excluding the March, 2004 revenues and operating costs for the East Hobbs lease, Arena had net income of $318,730 or $0.04 per share on oil and gas revenues of $1,200,400, up 48% from revenues of $807,021 for the quarter ended March 31, 2003. Net income increased 76% from $180,306 or $0.03 per share for the first quarter of 2003.

Net cash flow from operations increased to $568,710 from $278,265 for the same period in 2003. Production for the quarter ended March 31, 2003 was 37,003 BOE (Barrel of Oil Equivalent) compared to 25,408 BOE for the quarter ended March 31, 2003, a 45% increase. The average price per BOE was $32.44 compared to $31.77 in 2003.

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