SUBSCRIPTION AGREEMENT
The undersigned investor herewith subscribes to purchase shares for $
in the Arena Resources, Inc.(Arena) Registered Offering. The undersigned
investor acknowledges that he, she or it has received and has had an opportunity
to review a Prospectus dated October 1, 2000, pertaining to the sale of the
Arena shares at $.25 share. The undersigned further acknowledges that the
Prospectus provides for the opportunity to ask further questions of and to
receive additional information from management of Arena, if the subscriber so
elects.
The subscriber understands and agrees that this a "high risk offering"
and has had the opportunity to review the risk factors contained in the
Prospectus.
The subscriber further understands that the funds tendered to purchase
the shares will be held in a segregated subscription account, pending the sale
of the minimum offering for up to 60 days measured from October 1, 2000. The
subscriber understands that investor will not be able to withdraw such funds
from the subscription account during the subscription period, but will receive
back all of that subscription if the minimum offering ($200,000) is not sold
within that term and the offering is terminated. The undersigned subscriber
understands that he will not receive any interest on the funds held in the
subscription account. The subscriber further understands that in the event the
minimum offering amount of Two Hundred Thousand Dollars is sold within the
offering term, then his subscription, as well as any subsequent proceeds
received by the company, will be immediately employed as described in the
Prospectus.
Finally, the undersigned investor understands that the company is
attempting to sell this offering as a self underwriting through its own
officers, employees and without the payment of any commissions to a third party,
underwriter, or broker/dealer. The subscriber understands that if the company is
required to change those arrangements and to employ underwriters that this
subscription will be rescinded and that the subscriber will have an opportunity
to decide whether to withdraw the funds from the offering or to reinvest based
upon an amended Prospectus setting out the terms of any underwriting.
Dated this day of , 2000.
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Subscriber:
Print Name:
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Social Security No.:
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Date:
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