Arena Resources Announces Closing Prices of Stock Offering

Arena Resources, Inc. announced that it has priced its sale of 2,175,000 shares of its common stock resulting in net proceeds of approximately $100,750,000. On May 28, 2008, the closing price of the Company’s common shares on the New York Stock Exchange was $51.92 per share. Dahlman Rose & Company, LLC acted as the bookrunning manager for the offering with Tudor, Pickering, Holt & Co. Securities Inc. and Capital One Southcoast, Inc. as co-managers. The Company expects to close the sale of the common shares on June 3, 2008, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to 326,250 additional shares to cover over-allotments.

The common shares are being issued pursuant to the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission.

Arena intends to use the net proceeds from the offering to repay existing debt and for capital expenditures, which will include drilling and development of its properties and possible acquisitions of additional properties.