Arena Resources Acquires Acreage in Texas & New Mexico

Arena Resources Inc. has entered into two separate agreements to acquire 100 percent working interests in mineral leases located in Eddy County, N.M., and Yoakum County, Texas. The leases have net revenue interests of 75 percent and approximately 80 percent, respectively, consist of approximately 2,700 acres with existing oil and gas production from 30 wells, positive cash flow and additional developmental opportunities.

Arena management is currently performing its final due diligence with the intent to finalize the acquisitions on or before Oct. 31, 2003.

Tim Rochford, Arena's chief executive officer, stated, "These properties represent two of the acquisition candidates that the company is currently evaluating and which fit our criteria of adding proved producing properties with existing cash flow and additional development opportunities."