Arena Resources, Inc.
Approved for Listing on AMEX
Tulsa, Oklahoma — March 24, 2003 — Arena Resources Inc. (OTCBB: ARRI - News; "Arena") announced today that it has applied for and received approval for listing on the American Stock Exchange. The listing is contingent upon Arena being in compliance with all applicable listing standards on the date it begins trading on the exchange.

Arena management is in discussions with the exchange to finalize the date to commence trading. Arena will notify shareholders as to the effective trading date and trading symbol.

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 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