October 6, 2008
Arena Resources, Inc. Selected As the Fastest Growing Company of 2008 By FORTUNE Magazine
Arena Resources, Inc. (NYSE: ARD) ("Company")("Arena") announced today that it has been selected as the fastest growing company of 2008 by FORTUNE Magazine ("FORTUNE") in their September 29, 2008 issue. This is the second year in a row that Arena has made FORTUNE's annual list, having been selected third in 2007.
To be eligible for inclusion in FORTUNE's "100 Fastest Growing Companies" list, a company must be incorporated in the United States, have a minimum market capitalization of $250 million on June 30, 2008, and have a stock price of at least $5. It must have been trading continuously since June 30, 2005, have revenue and net income for the four quarters ended on or before June 30, 2008 of at least $50 million and $10 million, respectively, and have posted a compound annual growth rate in revenue and earnings per share of at least 25% annually over the three years ended on or before June 30, 2008.Mr. Tim Rochford, Chairman of the Board of Arena, stated, "We are very proud to be selected as FORTUNE Magazine's fastest growing company for 2008. This is our second year in a row to be honored by inclusion to this esteemed group of companies."
Mr. Phil Terry, CEO of Arena commented, "This designation is a tribute to the hard work our talented and dedicated employees continue to demonstrate day in and day out, not only in the development of our core assets in west Texas and southeast New Mexico, but also in the location and evaluation of additional acquisition opportunities for future growth."
Arena Resources, Inc.
Arena Resources, Inc. is an oil and gas exploration, development and production company with current operations in Texas, Oklahoma, Kansas and New Mexico.
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.