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Arena Resources, Inc. Acquires Oklahoma
Production Lease
Tulsa,
Oklahoma — July 31, 2002 — Arena Resources,
Inc. (OTCBB: ARRI) ("Arena") Wednesday announced that
it has acquired a 100 percent working interest, approximately
85 percent net revenue interest, in a mineral lease
located in Texas County, Okla.
The Eva South lease consists of approximately 800 acres
with estimated proved reserves in excess of 550,000
barrels of oil. The lease has average daily production
of 150 barrels of oil per day from seven existing wells.
Management cited upside potential through enhancements
of existing wells and a minimum of three additional
drilling sites.
The Eva South is located in close proximity to another
lease recently acquired by Arena in Texas County.
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.
Contact: K M Financial, Inc.
Bill Parsons
480-947-1589
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