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Arena Resources, Inc. Expands Acreage
and Ownership in Oklahoma Prospect
Tulsa, Oklahoma — October 1, 2001 — Arena
Resources, Inc. (OTCBB: ARRI) ("Arena") Monday announced
it has increased its working interest ownership position
in the Casey No. 1 ("Casey"), located in Muskogee County,
Okla., from 70 percent to 94 percent.
The Casey, drilled to an approximate depth of 2,100
feet, has encountered two separate formations with each
formation averaging in excess of 40 feet of net pay
based on samples and electric logs taken.
Arena management also announced that it has purchased
a 2.5 percent overriding royalty interest in the Casey
from third parties, and has leased additional acreage
adjoining the well for further development opportunities.
Through this additional ownership, Arena estimates it
has increased its proven reserves of natural gas by
750 million cubic feet.
The company anticipates completing and generating initial
production from the Casey during this current fiscal
quarter.
Arena Resources is an oil and gas exploration, development
and production company with current operations in Texas
and Oklahoma.
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.
Contact: K M Financial, Inc.
Bill Parsons
480-947-1589
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