SOURCE: Arena Resources, Inc.

January 10, 2007 09:30 ET

Arena Resources, Inc. Reports the Passing of Chris V. Kemendo, Jr., Board Member

Appoints Anthony B. Petrelli as New Board Member

TULSA, OK -- (MARKET WIRE) -- January 10, 2007 -- Arena Resources, Inc. (NYSE: ARD) ("Company")("Arena") announced today that Mr. Chris Kemendo, a member of the Company's Board of Directors since February, 2003, passed away on Friday, January 5, 2007 after a brief illness. Mr. Kemendo served on each of the Audit, Compensation and Nominating and Corporate Governance Committees of the Company. Mr. Kemendo had previously informed the Company of his plans to resign from the Board due to lingering health issues.

Mr. Tim Rochford, President and CEO of Arena, stated, "We wish to express our condolences to the family and friends of Chris Kemendo. We will greatly miss the knowledge and experience Chris provided us during his years of service to Arena which proved invaluable."

Arena also announced effective January 9, 2007, the appointment of Mr. Anthony (Tony) Petrelli as a member of the Board of Directors to replace Mr. Kemendo.

Mr. Petrelli is an independent Director and was additionally named to serve on the Company's Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee.

Mr. Petrelli is a Senior Vice President and Director of Corporate Finance/Investment Banking at Neidiger, Tucker, Bruner, Inc., a Denver, Colorado-based securities firm. Mr. Petrelli received his Masters of Business Administration from the University of Colorado. He began his career in 1972 and since that time has managed the Corporate Finance departments for Bosworth, Sullivan & Co., Hanifen Imhoff, Inc. and his current position at Neidiger, Tucker, Bruner, Inc. Mr. Petrelli has served on numerous regulatory and industry committees including the National Association of Security Dealers ("NASD") National Adjudicatory Council, the NASD Corporate Finance Committee, the NASD Small Firm Advisory Board, as an NASD Arbitrator and as Chairman of the NASD Business District Conduct Committee, District 3. Mr. Petrelli is a past Chairman of the National Investment Bankers Association.

Mr. Rochford commented, "We are very pleased that Tony Petrelli has accepted our invitation to join our Board. His years of experience in corporate finance and serving on regulatory committees will provide tremendous insight and assistance in the future growth of the Company."

About 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.

Contact Information

  • For further information contact:
    Bill Parsons
    K M Financial, Inc.
    (480) 947-1589