Arena Resources Closes Private Placement
Tulsa, Oklahoma — July 18, 2003 — Arena Resources, Inc. (AMEX: ARD) ("Arena") announced today the closing of its equity private placement.

The company issued 1,076,294 shares of restricted common shares and 1,076,294 warrants, each warrant exercisable into one share of restricted common stock at an exercise price of $5.00 per share until September 2005. Arena received gross proceeds of $2,690,735, resulting in net proceeds of $2,317,966 after offering costs.

Mr. Tim Rochford, President and CEO of Arena stated that the offering proceeds will be utilized for the procurement of additional producing properties, a number of which are currently being evaluated.

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