Arena Resources, Inc. Enters Into Letter of Intent on 1,000 Acre Mineral Lease in Texas
Tulsa, Oklahoma — June 11, 2001 — Arena Resources, Inc. (OTCBB: ARRI) ("Arena") today announced it has entered into a Letter of Intent to acquire up to 100% of a mineral leas in Fisher County, Texas. The lease consists of approximately 1,050 acres with existing oil and gas production.

Arena management is currently evaluating all existing data pertinent to the property with the intent to finalize the acquisition on or before the middle of July, 2001.

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