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Arena Resources Enters into Agreements
to Acquire 30 Wells in New Mexico and Texas
Tulsa, Oklahoma — October 14, 2003 — Arena
Resources, Inc. (AMEX: ARD) ("Arena") announced today
it has entered into two separate agreements to acquire
100% working interests in mineral leases located in
Eddy County, New Mexico , and Yoakum County, Texas.
The leases have net revenue interests of 75% and approximately
80% respectively, consist of approximately 2,700 acres
with existing oil and gas production from 30 wells,
positive cash flow and additional developmental opportunities.
Arena management is currently performing its final due
diligence with the intent to finalize the acquisitions
on or before October 31, 2003.
Mr. Tim Rochford, Arena's Chief Executive Officer, stated,
"These properties represent two of the acquisition
candidates that the company is currently evaluating
and which fit our criteria of adding proved producing
properties with existing cash flow and additional development
opportunities."
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
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