Arena Resources Inc. announced that the Board of Directors of the company has approved an initial 2010 capital expenditure budget of $195 million, representing an 82% increase over the estimated $107 million spent in 2009. The company plans to look at acquisition opportunities. Mr. Phil Terry, President and Chief Executive Officer of the company said: "We now have approximately 38,000 acres of leasehold at our Permian Basin Fuhrman Mascho area in Andrews County, Texas, which provides us with an inventory of drilling opportunities for several years. We will also continue to seek acquisition opportunities in the Permian Basin or other areas of interest. We are well positioned to grow as we have cash reserves, no debt and an available credit facility."

Arena Resources Inc. announced that its Board of Directors has approved an initial 2010 capital expenditure budget of $195 million, representing an 82% increase over the estimated $107 million spent in 2009. The CAPEX figures do not reflect any costs of acquisitions made in 2009 or projected acquisitions in 2010. The company said that it will use approximately $185 million at its Fuhrman-Mascho ("FM") property in Andrews County, Texas. The remaining $10 million will be used to perform a number of deeper tests with an additional contract rig on existing acreage in the Clearfork, Devonian and Glorietta horizons in Texas, continued infrastructure improvements, well conversions and the drilling of five new wells, three proved undeveloped locations in New Mexico and one pud and a water supply well in Oklahoma. The company spent on capital expenditure of $107 million for the year 2009.

Arena Resources Inc. expected to Report Fiscal Year 2009 Results on March 3, 2010. This event was calculated by Capital IQ (Created on January 26, 2010).