Arena Resources, Inc. Announces Third Quarter and Nine Month 2002 Financial and Operating Results
Tulsa, Oklahoma — November 20, 2002 — Arena Resources, Inc. (OTCBB: ARRI) ("Arena") announced today financial results for the third quarter and nine months ended September 30, 2002. Arena had net income of $264,151 before preferred stock dividends on oil and gas revenues of $589,611 for the third quarter compared to $40,611 on revenues of $141,492 for the quarter ended September 30, 2001. The Company reported net income of $320,019 before preferred stock dividends on oil and gas revenues of $885,149 for the nine month period ended September 30, 2002 compared to net income of $22,274 on revenues of $141,492 for the nine month period ended September 30, 2001. Net income after preferred stock dividends for the third quarter was $86,317 or $0.02 per share compared to $13,664 for the quarter ended September 30, 2001. Net loss after preferred stock dividends for the nine month period ended September 30, 2002 was $68,972 or $0.02 per share compared to a net loss of $4,673 for the nine months ended September 30, 2001.

During the three months ended September 30, 2002, all of the outstanding shares of preferred stock of Arena were converted into shares of common stock and the remaining preferred stock dividends in the amount of $177,834 were accrued and included as a reduction of net income for the quarter.

Positive cash flow from operations for the nine months ended September 30, 2002 of $228,502, compared to $3,603 for the same period in 2001.

Arena Resources, Inc. is an oil and gas exploration, development and production company with current operations in Texas, Oklahoma and Kansas.

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 CompanyÕs strategy and prospects. Readers and investors are cautioned that the CompanyÕs 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 CompanyÕs 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