Arena Resources, Inc. Announces Stockholder Approval of Merger
with SandRidge Energy, Inc.
Tulsa, OK. July 16, 2010 - Arena Resources, Inc. (NYSE: ARD) (“Arena”) announced today that Arena stockholders had voted to approve the proposed merger with SandRidge Energy, Inc. (NYSE: SD) (“SandRidge”). Under the terms of the amended merger agreement, Arena stockholders will receive 4.7771 shares of SandRidge common stock and $4.50 in cash for each share of Arena common stock.
Chairman of the Board and co-founder, Mr. Tim Rochford commented, “We are very pleased with the voting results and wish to thank our stockholders for their on-going support and confidence in management over the years. My partner and fellow board member, Mr. Stan McCabe, and I have made every effort to fulfill our commitment to you, our stockholders, by building a public company on sound fundamentals that could withstand the volatility of the marketplace. We have done our best to be accessible and to regularly communicate to our stockholders through releases, conference calls and presentations at sales conferences. To this end, I wish to express my personal thanks and gratitude to all the analysts, brokers and bankers, both investment and commercial, without whose support and guidance we could not have achieved our goals. To our talented and dedicated employees, both in the office and in the field, many thanks for your continued effort and hard work. I also wish to thank our board members who have worked tirelessly through this process. Their expertise, individually and collectively, has resulted in a transaction that not only brings immediate value to Arena stockholders, but more importantly, the opportunity to participate in the future growth of SandRidge. I continue to be impressed with Tom Ward and the excellent management staff he has assembled. His commitment to building a more balanced company with tremendous assets, both oil and gas, in an area we know well, the Permian Basin, has convinced me this has the potential to truly be one of the more outstanding growth opportunities for years to come.”
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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.
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Forward Looking Statements and Additional Information
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.
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For further information contact: |
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Bill Parsons
Vice President Investor Relations
Arena Resources, Inc.
6555 South Lewis
Tulsa, Oklahoma 74136
+1 702-489-4445
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CONTACT: Bill Parsons, Vice President Investor Relations of Arena, 1-702-489-4445, bparsons@arenaresourcesinc.com
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