Arena Resources Approves Two-for-One Stock Split

Arena Resources has approved a two-for-one stock split of its common stock effective to shareholders of record at the close of business on October 15, 2007. The split will be in the form of a stock dividend, with one additional share distributed for every share held on or about October 26, 2007. The Company's common stock will begin trading at its post-split price on October 29, 2007. Following the proposed stock split, Arena will have approximately 34.1 million shares of common stock outstanding.