Arena Resources, Inc. Announces Closing on Texas Productions
Tulsa, Oklahoma — July 16, 2001 — Arena Resources, Inc. (OTCBB: ARRI) ("Arena") Monday announced the closing on the acquisition of a 100 percent working interest in a mineral lease located in Fisher County, Texas.

The lease consists of approximately 1,100 acres with current oil and gas production from 12 wells. The company had previously announced it had entered into a letter of intent to acquire the lease pending the evaluation of existing data.

Tim Rochford, President and Chief Executive Officer stated, "This project represents an excellent core property which not only provides immediate cash flow from existing production, but excellent growth potential through further enhancements and development."

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

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. Reaers 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