Document:

Mark R. McCormack Employment Agreement

			
	 	  	[Koppers logo]
	 Steven R. Lacy
 Vice President
 Law & Human Resources and Secretary
	  	 Koppers Inc.
 436 Seventh Ave.
 Pittsburgh, PA 15219
 Tel 412 227 2889 Fax 412 227 2333
 LacySR@koppers.com
 www.koppers.com

  
 Exhibit 10.16 
  
 September 29, 2003 
  
 Mr. Mark R. McCormack 
 Dobroyd Lodge

 Redbourne Mere 
 Kirton Lindsey 
 North Lincolnshire 
 United Kingdom 
  
 Re: Assignment Letter 
  
 Dear Mark: 
  
 Koppers Inc. (“Koppers”) is pleased to offer you a transfer to the United States as an International Service Assignee, as defined in the International Long-Term
Assignment Policy of Koppers Australia (the “International Assignment Policy”). 
  
 1.    ASSIGNMENT POLICY 
  
 This Assignment Letter, the International Assignment Compensation Summary attached hereto as Exhibit “A” (the “Compensation Summary”) and the International Assignment Policy, a copy of which is attached hereto as Exhibit
“B” (collectively, this “Agreement”) set forth the terms and conditions of your proposed assignment to Koppers as Vice President and General Manager Global Marketing, Sales and Development. To the extent the terms and conditions
set forth in paragraphs 1-16 of this letter and/or the Compensation Summary are different from the terms set forth in the International Assignment Policy and your existing UK assignment letter dated October 2000, the terms of employment set forth in
paragraphs 1-16 of this Assignment Letter and/or the Compensation Summary will control. 
  
 2.    POSITION AND LOCATION OF SERVICE 
  
 During the term of this Agreement, you shall serve as Vice President and General Manager Global Marketing, Sales and Development, and shall perform the duties services and responsibilities and have the authority commensurate to such
position. You will be based in Pittsburgh, Pennsylvania, USA and will report to Walter W. Turner, President and Chief Executive Officer of Koppers. For purposes of this Agreement, your Host Country will be the USA and your Home Country will be
Australia. During the 

 term of the assignment, you must abide by all laws, rules and regulations of the Host Country. 
  
 3.    CONDITIONS OF EMPLOYMENT 
  
 This Agreement and the benefits set forth herein are contingent upon you and your family
receiving a satisfactory health assessment and you receiving authorization to work and reside in the Host Country. If your authorization to live and/or work in the Host Country is revoked at any time during the term of your assignment in the Host
Country, then Koppers, in its sole discretion, may consider all or any portion of this Agreement to be void, except that the provisions set forth in paragraph 13 hereof shall continue in effect, but only to the extent that you resign or your
employment is terminated. The revocation of your authorization to live and/or work in the Host Country absent your resignation or termination shall not trigger the provisions of paragraph 13. 
  
 4.    ASSIGNMENT BASE SALARY AND INCENTIVE COMPENSATION

  
 Effective February 1, 2004 you will be transferred to Koppers with a Home
Country base salary of $188,000(A) per annum. Your salary will be paid in US Dollars (at a mutually agreeable exchange rate) during your assignment in the Host Country. Adjustments, if any, to your base salary will be determined on the same basis
and will be effective at the same time as if you had remained in the Home Country. Your base salary may also be adjusted as a result of the executive salary study currently being performed by Koppers Vice President, Law and Human Resources.

  
 For the duration of your assignment, you will be entitled to participate in
the Incentive Plans of Koppers described in the Compensation Summary. Performance criteria will be based on the terms of such incentive plans for participants in such plans. 
  
 5.    ASSIGNMENT ALLOWANCES 
  
 All allowances associated with your assignment in the Host Country are described the International Assignment Policy and in the Compensation
Summary. 
  
 Allowance entitlements are subject to periodic review by Koppers. You
will be advised of any changes prior to the implementation of such changes. Any income tax liability with respect to such allowances shall be treated in the same manner as such liability is currently treated for you in the United Kingdom.

  
 6.    ASSIGNMENT BENEFITS 
  
 All benefits associated with your assignment are described in this Agreement. Please note
that (i) the International Assignment Policy authorizes, among other things, two (2) home leave visits per year which must be approved in advance by the President and 

 Chief Executive Officer of Koppers and (ii) Host Country housing must be approved in advance by the President and Chief
Executive Officer of Koppers. 
  
 7.    INCOME TAX
MANAGEMENT 
  
 At the expense of Koppers, an international consultant will
assist you with the tax filing requirements in the Home Country and the Host Country and will assist you with annual tax preparation and filings. You should read carefully the section on income tax in the International Assignment Policy. 

 
 8.    ASSIGNMENT CONDITIONS 
  
 Many of the conditions contained in this Agreement are designed to assist you in
establishing yourself in the Host Country and take into account certain cost factors that are involved in a transfer and resettlement. It is our goal to provide you with a compensation package comparable to what you would receive as an employee
based in your Home Country. Our goal, among other things, is to prevent you from experiencing financial windfall or hardship due to the international assignment as compared to Home Country costs. 
  
 On repatriation to your Home Country, you will no longer be entitled to any allowances
specifically relating to your overseas assignment. 
  
 9.    GENERAL CONDITIONS 
  
 You understand
and agree that the differential payments and adjustments provided by Koppers to you pursuant to this Agreement are, at the election of Koppers, in substitution for the statutory benefits required under the laws of the Host Country to compensate
employees who are not entitled to receive these contractual benefits. 
  
 10.    ASSIGNMENT DURATION 
  
 The period of
your assignment will initially be for two (2) years. At the end of this period, Koppers will examine its options with respect to extending or renewing your assignment in the Host Country. This examination may include an assessment of Koppers
operational requirements and corporate objectives. However, you understand and agree that Koppers, in its sole discretion, may re-assign you to your Home Country at any time and terminate the terms of this Agreement. Upon completion of your
assignment, you will be re-assigned to a position within Koppers Australia Pty. Limited (“KAP”) or given the option of accepting a position outside of Australia. 

 11.    EMPLOYMENT STATUS AND BENEFITS 
  
 During your assignment, you will remain an employee of KAP. Your employment with KAP will
continue on the same terms and conditions that would apply if you were in Australia, except to the extent this Agreement modifies such terms and conditions. Your period in the Host Country will be treated as a period of continuous employment with
KAP for both statutory and contractual purposes and will count toward any service-related entitlements, including without limitation Superannuation. 
  
 12.    BANKING 
  
 At your request and for your convenience, your annual salary of $188,000 (A) will be paid in United States dollars. Any income tax liability with respect to your salary
shall continue to be your obligation. 
  
 13.    TERMINATION 
  
 The continuation of
the provisions set forth in this Agreement will be subject to your ongoing satisfactory performance of your job duties and to a satisfactory health clearance once per annum. 
  
 If you resign during the term of this assignment, you will not be entitled to any further benefits or remuneration. In the event of such
resignation, Koppers will reimburse you and your Dependants for the cost of one-way economy airfare by the most direct route from the Host Country to your Home Country. Koppers will also reimburse you for the cost of shipping your household goods
from the Host Country to your Home Country. 
  
 If your employment is terminated
by Koppers during the period of your assignment in the Host Country, other than for cause, Koppers will give you at least twenty-four (24) months notice of termination or, in lieu of such notice, shall pay you an additional twenty-four (24) months
base salary plus Koppers will arrange to provide you for such twenty-four month period with life, disability, accident and group health insurance benefits substantially similar to those which you were receiving immediately prior to your termination;
provided, however, that such payment shall be in lieu of and in complete satisfaction of any further salary or severance payment that may be due and payable to you under the severance policies of KAP or Koppers and further provided that your receipt
of such payment and benefits shall be conditioned upon you executing and delivering a release satisfactory to Koppers and its affiliates from any claims whatsoever that you may have on account of the termination of your employment. Nothing contained
in this paragraph shall be construed as a waiver of any long service leave to which you may be entitled under the laws of the Home Country. In the event of such termination, Koppers will reimburse you and your Dependants for the cost of one-way
business class airfare by the most direct route from the Host Country to your Home 

 Country. Koppers will also reimburse you for the cost of shipping your household goods from the Host Country to your Home
Country. 
  
 14.    EMPLOYMENT AFTER ASSIGNMENT

  
 Upon the termination of your assignment in the Host Country, Koppers
shall either (i) return you and your Dependents to your Home Country and re-deploy you at KAP or (ii) deploy you at another company owned by Koppers, in each case at an equivalent or substantially equivalent position. 
  
 15.    ACCEPTANCE 
  
 This transfer offer shall be valid for twenty-one (21) days after the date of this letter.

  
 16.    GOVERNING LAW 
  
 This Agreement will be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania, United Sates of America (“USA”). Any disputes arising out of this Agreement shall be heard and determined in Pittsburgh, Pennsylvania, USA. 
  
 Please signify your understanding of, and agreement with, the terms of this Agreement by signing the enclosed copy of this Agreement in the
space provided below and returning an executed copy to the undersigned. 
  
 We
sincerely hope that you find your new international assignment to be a challenging and rewarding experience on both a personal and professional level. 
  
 Regards, 
  

 Steven R. Lacy 
  
 I hereby agree to the terms and conditions covering my assignment to Koppers Inc. as set forth above. 
  

 Mark R. McCormack 
  

 Date 

 EXHIBIT A 
 INTERNATIONAL ASSIGNMENT COMPENSATION SUMMARY 
 MARK R. McCORMACK 
  

			
	 Base Salary
	  	$188,000(A) per year – Base salary to stay at this level until next scheduled increase. Base salary will be raised per future salary programs.
	
	  	

	 Incentive
	  	Beginning January 1, 2004, you will participate in and draw 100% of your incentive opportunity from the Corporate Senior Management Incentive Pool.
	
	  	

	 Assignment Premiums
	  	Overseas premium equal to 35% of base salary.
	
	  	

	 Relocation Allowance
	  	One (1) month base salary upon going to Host Country. One (1) month base salary upon return to Home Country, conditioned on staying in Host Country for full term of duty.
	
	  	

	 Schooling Expense
	  	Since there are adequate non-fee charging schools in the Host Country and no language problems are posed, Koppers will not pay the full cost of tuition and related required expenses for
school age Dependents. However, if you desire to send your Dependents to a religious school, Koppers will contribute up to $3,000 per year toward such tuition and related expenses.
	
	  	

	 Temporary Residence
	  	Koppers will provide a 3 bedroom furnished home of approximately 200 square meters in the Pittsburgh suburbs of either Mt. Lebanon or Upper St. Clair. Such home shall be equipped with
reasonably necessary appliances, which shall at all times remain the property of Koppers. Koppers will provide a utility allowance of $800(A) per month. Koppers will provide an advance to cover the cost of any security deposits required in
connection with the rental of such home, provided that the deposit is repayable to Koppers by you when the lease expires. Except as set forth below under Expense Allowance, Koppers shall not provide any additional allowances or advances to
rent/purchase furniture or other items in the Host Country, except that the Company will purchase electrical equipment in accordance with the International Assignment Policy.
	
	  	

			
	 Residence at Home
	  	Koppers will pay to winterize primary residence in the Home Country. You may lease your primary residence in your Home Country. Koppers will pay for the storage of your personal property in
your Home Country during your assignment.
	
	  	

	 Shipment of Personal Goods
	  	Koppers will pay a reasonable amount toward shipping of your personal goods both going to the Host Country and returning from the Host Country to the Home Country.
	
	  	

	 Medical Insurance Rider
	  	While in the Host Country, you and your eligible Dependents will be covered by Koppers health insurance for Pittsburgh-based employees.
	
	  	

	 Total & Permanent Disability Insurance
	  	While in the Host Country, you will be covered under the Koppers Long Term Disability Policy.
	
	  	

	 Salary Continuance Insurance
	  	Upon your relocation to the Host Country, your Salary Continuance Insurance (currently provided by Continental Carbon) will be discontinued. No replacement coverage will be provided because
this benefit is no longer provided to employees of Koppers Australia in the Home Country.
	
	  	

	 Life Insurance
	  	Koppers Australia will continue to provide you with a life insurance policy in the amount of $700,000(A) through ING (Leading Life Policy No. 973764-4) or another equivalent insurance
company. You will not receive any other life insurance benefits in the Host or Home Countries.
	
	  	

	 Physical Exam
	  	Required per International Assignment Policy.
	
	  	

	 Annual Leave
	  	Four (4) weeks per calendar year. Koppers will provide, at its expense and at your option, either (i) one roundtrip business class ticket per year to Sydney, Australia for you and each of
your Dependents via the most direct route or (ii) two coach class tickets per year to Sydney, Australia for you and each of your Dependents via the most direct route.
	
	  	

			
	 Automobile
	  	Koppers will provide you, at your option, with either (i) one Honda Odyssey, Plymouth Voyager or Dodge Caravan mini-van or (ii) two smaller automobiles if the total cost of such smaller
automobiles does not exceed the cost of such minivan. In addition, Koppers will reimburse you for fuel and maintenance expenses for one automobile.
	
	  	

	 Recreation
	  	Koppers will not reimburse joining and annual fees for a sporting club in the Host Country, but may, upon your request and upon the approval of the President and Chief Executive Officer of
Koppers, reimburse joining and annual fees for a Social Club, such as the Rivers Club.
	
	  	

	 Expense Allowance
	  	Koppers will provide a one-time, lump sum Expense Allowance in the amount of $10,000(USD) upon your arrival in the Host Country.Form of Warrant Agent Agreement

 EXHIBIT 4.4 
  

WARRANT AGREEMENT 
  

  
 ARENA RESOURCES, INC. 
  
 AND 
  
 ATLAS STOCK TRANSFER, INC. 
  
 Warrant Agent 
  
                         , 2004 
  

 WARRANT AGREEMENT 
  
 THIS AGREEMENT dated as of
                            , 2004, between Arena Resources, Inc., a Nevada corporation (the
“Company”), and Atlas Stock Transfer, Inc., a transfer agency located in Salt Lake City, Utah (the “Warrant Agent”). 
  
 WHEREAS: 
  
 In connection with a public offering (the “Public Offering”) of 1,200,000 Units consisting of 1,200,000 shares of Common Stock of the Company,
(“Common Stock”) and 1,200,000 warrants (“Firm Warrants”), each Warrant entitling the Registered Owner thereof to purchase one share of Common Stock, or an aggregate of 1,200,000 shares of Common Stock of the Company on exercise
of all Firm Warrants; and 
  
 The Company also has granted the
several underwriters (the “Underwriters”) of the Company’s Public Offering pursuant to an underwriting agreement (the “Underwriting Agreement”), the option to purchase up to an additional 180,000 Units consisting of 180,000
shares of Common Stock and 180,000 Warrants (the “Over-Allotment Warrants”) exercisable to purchase up to an aggregate of 180,000 shares of Common Stock; and 
  
 The Company desires to provide for the issuance, registration, transfer, exchange and exercise of certificates (the
“Warrant Certificates”) representing the Firm Warrants and the Over-Allotment Warrants (collectively, herein, the “Warrants”) and for the exercise of the Warrants; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth and for the purpose of
defining the terms and provisions of the Warrant Certificates and the Warrants, and the respective rights and obligations thereunder of the Company, the registered holders of the Warrant Certificates and the Warrant Agent, the parties hereto agree
as follows: 
  
 1. Definitions. As used herein: 

 
 (a) “Common Stock” shall mean Common Stock, of
the Company, whether now or hereafter authorized, holders of which have the right to participate in the distribution of earnings and assets of the Company without limit as to amount or percentage. 

 (b) “Corporate Office” shall mean the place of business of the Warrant Agent
(or its successor) located in Salt Lake City, Utah, which office is presently located at 5899 South State Street, Salt Lake City, Utah 84107. 
  
 (c) “Effective Date” shall mean
                                , 2004, the date on which the Company’s
Registration Statement is declared effective by the Securities and Exchange Commission. 
  
 (d) “Exercise Date” shall mean the date of surrender for exercise of any Warrant Certificate, provided the exercise form on the
back of the Warrant Certificate or a form substantially similar thereto has been completed in full by the Registered Owner or a duly appointed attorney and the Warrant Certificate is accompanied by payment in full of the Exercise Price. 

 
 (e) “Exercise Period” shall mean the period
commencing on the Separation Date and extending to and through the Expiration Date. 
  
 (f) “Exercise Price” shall mean a purchase price of
$                     per share of Common Stock; provided, however, that in the event the Company reduces the Exercise Price in accordance
with Section 9(i) hereof, the Exercise Price shall be as established by the Company in accordance with such Section. 
  
 (g) “Expiration Date” shall mean 5:00 P.M. Eastern Time on the last day of the 4 year period commencing on the Effective Date,
subject to the terms provided in Section 5 herein for redemption and subject to extension by the Board of Directors of the Company; provided however, if such date shall be a holiday or a day on which banks are authorized to close, then Expiration
Date shall mean 5:00 p.m., Eastern Time on the next following day which in the State of Utah is not a holiday or a day on which banks are authorized to close. The Expiration Date may be extended from time to time, by resolution of the Board of
Directors of the Company, to a later date upon giving notice to the Warrant Agent and the Registered Owners; provided, however, that notice to the Registered Owners of an extension of the Expiration Date may be made by publication or 
  

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 by release to Dow Jones, P.R. Newswire or other means of general distribution. If the Company redeems the
Warrants as provided in Section 5 of this agreement, the Expiration Date shall be the date fixed for redemption. 
  
 (h) “Firm Warrants” shall mean 1,200,000 Warrants to purchase 1,200,000 shares of Common Stock, all of which will be purchased
as part of the Units by the several Underwriters from the Company and sold in the Public Offering in accordance with the Underwriting Agreement. 
  
 (i) “Over-Allotment Warrants” shall mean 180,000 Warrants to purchase 180,000 shares of Common Stock, any or all of which may be
purchased as part of the Units by the Representatives for the several Underwriters from the Company in accordance with the Underwriting Agreement. The Over-Allotment Warrants shall have identical terms and conditions to those established for the
Firm Warrants, subject to their issuance in accordance with Section 2 hereof. 
  
 (j) “Representatives” shall mean Neidiger, Tucker, Bruner, Inc. and Lane Capital Markets, LLC, the representatives of the several Underwriters. 
  
 (k) “Registered Owner” shall mean the person in whose name any Warrant Certificate shall be
registered on the books maintained by the Warrant Agent pursuant to Section 6 of this Agreement. 
  
 (l) “Registration Statement” shall mean the Company’s Registration Statement on Form SB-2 (S.E.C. File No.
333-                    ), as amended. 
  
 (m) “Separation Date” shall mean the date on which the Company notifies holders of its Units and the Warrant Agent that the
shares of Common Stock and Warrants comprising the Units may be detached, and sold separately. 
  
 (n) “Subsidiary” shall mean any corporation of which shares having ordinary voting power to elect a majority of the Board of
Directors of such corporation (regardless of whether the shares of any other class or classes of such corporation shall have or may have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned by the
Company or one or more subsidiaries of the Company. 
  

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 (o) “Warrant” or the “Warrants” shall mean and include up to
1,380,000 Warrants to purchase 1,380,000 authorized and unissued Shares of Common Stock of the Company and, unless otherwise noted, shall include 1,200,000 Firm Warrants and 180,000 Over-Allotment Warrants. 
  
 (p) “Warrant Agent” shall mean Atlas Stock
Transfer, Inc., or its successor, as the transfer agent and registrar of the Warrants. 
  
 (q) “Warrant Shares” shall mean and include up to 1,380,000 authorized and unissued shares of Common Stock reserved for issuance
on exercise of the Warrants, and unless otherwise noted, shall include 1,200,000 shares of Common Stock issuable upon exercise of the Firm Warrants and 180,000 shares of Common Stock issuable upon exercise of the Over-Allotment Warrants and any
additional shares of Common Stock or other property which may hereafter be issuable or deliverable on exercise of the Warrants pursuant to Section 9 of this Agreement. 
  
 2. Warrants and Issuance of Warrant Certificates. Each Warrant shall initially entitle the Registered Owner of the
Warrant Certificates representing such Warrant to purchase one share of Common Stock on exercise thereof, subject to modification and adjustment as hereinafter provided in Section 9. Warrant Certificates representing 1,380,000 Firm Warrants and
evidencing the right to purchase an aggregate of 1,380,000 shares of Common Stock of the Company shall be executed by the proper officers of the Company and delivered to the Warrant Agent for countersignature. Certificates representing the Firm
Warrants to be delivered to the Warrant Agent shall be in direct relation to the Firm Shares sold as a Unit in the Company’s Public Offering and shall be attached to certificates representing an equal number of Firm Shares. The Warrant
Certificates representing the Firm Warrants will be issued and delivered on written order of the Company signed by its President and attested by its Secretary or Assistant Secretary. The Warrant Agent shall deliver Warrant Certificates in required
whole number denominations to the persons entitled thereto in connection with any transfer or exchange permitted under this Agreement. 
  
 The Over-Allotment Warrants shall carry identical terms and conditions to those established for the Firm Warrants and outlined herein. Up to 180,000
Over-Allotment Warrants may be issued and such Over-Allotment Warrants shall evidence the right of the Registered Owners thereof to purchase an aggregate of up to 180,000 shares of Common Stock of the Company. Any Warrant Certificates for
Over-Allotment Warrants to be issued will be executed 
  

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 by the proper officers of the Company and delivered to the Warrant Agent for countersignature on exercise of the option
to purchase Over-Allotment Warrants by the several Underwriters in accordance with the Underwriting Agreement. Certificates representing Over-Allotment Warrants will be initially attached to certificates representing an equal number of
Over-Allotment Shares. 
  
 Except as provided in Section 8 hereof,
share certificates representing the Warrant Shares shall be issued only on or after the Separation Date on exercise of the Warrants or on transfer or exchange of the Warrant Shares. The Warrant Agent, if other than the Company’s Transfer Agent,
shall arrange with the Transfer Agent for the issuance and registration of all Warrant Shares. 
  
 3. Form and Execution of Warrant Certificates. The Warrant Certificates shall be substantially in the form attached as Exhibit “A” and may have such letters, numbers or other marks of identification
and such legends, summaries or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement. The Warrant Certificates shall be dated as of the date of
issuance, whether on initial issuance, transfer, exchange or in lieu of mutilated, lost, stolen or destroyed Warrant Certificates. 
  
 Each Warrant Certificate for Firm Warrants shall be initially issued only when attached to a certificate representing the same number of Firm Shares of
Common Stock as Firm Warrants and shall be separately transferable from the certificate representing Firm Shares only on and after the Separation Date. Warrant Certificates issued for Over-Allotment Warrants shall be issued together with
certificates representing the same number of shares of Common Stock as Over-Allotment Warrants and shall be separately transferable only on and after the Separation Date. 
  
 The Warrant Certificates shall be executed on behalf of the Company by its President and Secretary, by manual signatures or
by facsimile signatures printed thereon, and shall have imprinted thereon a facsimile of the Company’s seal. The Warrant Certificates shall be manually countersigned by the Warrant Agent and shall not be valid for any purpose unless so
countersigned. In the event any officer of the Company who executed the Warrant Certificates shall cease to be an officer of the Company before the date of issuance of the Warrant Certificates or before countersignature and delivery by the Warrant
Agent, such Warrant Certificates may be countersigned, issued and delivered by the Warrant Agent with the same force and effect as though the person who signed such Warrant Certificates had not ceased to be an officer of the Company. 
  

 5 

 4. Exercise. The exercise of Warrants in accordance with this Agreement shall only be permitted
during the Exercise Period. 
  
 Warrants shall be deemed to have
been exercised immediately prior to the close of business on the Exercise Date. The exercise form shall be executed by the Registered Owner thereof or his attorney duly authorized in writing and shall be delivered together with payment to the
Warrant Agent, in cash or by official bank or certified check, of an amount in lawful money of the United States of America. Such payment shall be in an amount equal to the Exercise Price as hereinabove defined. 
  
 The person entitled to receive the number of Warrant Shares deliverable on
such exercise shall be treated for all purposes as the Registered Owner of such Warrant Shares as of the close of business on the Exercise Date. The Company shall not be obligated to issue any fractional share interests in Warrant Shares. If
Warrants represented by more than one Warrant Certificate shall be exercised at one time by the same Registered Owner, the number of full Warrant Shares which shall be issuable on exercise thereof shall be computed on the basis of the aggregate
number of full Warrant Shares issuable on such exercise. 
  
 As
soon as practicable on or after the Exercise Date and in any event within 30 days after such date, the Warrant Agent shall cause to be issued and delivered by the Transfer Agent to the person or persons entitled to receive the same, a certificate or
certificates for the number of Warrant Shares deliverable on such exercise. No adjustment shall be made in respect of cash dividends on Warrant Shares deliverable on exercise of any Warrant. The Warrant Agent shall promptly notify the Company in
writing of any exercise and of the number of Warrant Shares caused to be delivered and shall cause payment of an amount in cash equal to the Exercise Price to be made promptly to the order of the Company. The parties contemplate such payments will
be made by the Warrant Agent to the Company on a weekly basis and will consist of collected funds only. The Warrant Agent shall hold any proceeds collected and not yet paid to the Company in a Federally-insured escrow account at a commercial bank
selected by agreement of the Company and the Warrant Agent, at all times relevant hereto. Following a determination by the Warrant Agent that collected funds have been received, the Warrant Agent shall cause the Transfer Agent to issue share
certificates representing the number of Warrant Shares purchased by the Registered Owner. 
  

 6 

 Expenses incurred by the Warrant Agent, including administrative costs, costs of maintaining records and
other expenses, shall be paid by the Company according to the standard fees imposed by the Warrant Agent for such services. All expenses incurred by the Warrant Agent and to be paid by the Company shall be deducted from the Escrow Account prior to
distribution of funds to the Company. 
  
 A detailed accounting
statement setting forth the number of Warrants exercised, the number of Warrant Shares issued, the net amount of exercised funds and all expenses incurred by the Warrant Agent shall be transmitted to the Company on payment of each exercise amount.
Such accounting statement shall serve as an interim accounting for the Company during the Exercise Period. The Warrant Agent shall render to the Company, at the completion of the Exercise Period, a complete accounting setting forth the number of
Warrants exercised, the identity of persons exercising such Warrants, the number of Warrant Shares issued, the amounts distributed to the Company, and all expenses incurred by the Warrant Agent. 
  
 The Company may be required to deliver a prospectus that satisfies the
requirements of Section 10 of the Securities Act of 1933, as amended (the “1933 Act”) with delivery of the Warrant Shares and must have a registration statement (or a post-effective amendment to an existing registration statement)
effective under the 1933 Act in order for the Company to comply with any such prospectus delivery requirements. The Company will advise the Warrant Agent of the status of any such registration statement under the 1933 Act and of the effectiveness of
the Company’s registration statement or lapse of effectiveness. 
  
 No issuance of Warrant Shares shall be made unless there is an effective registration statement under the 1933 Act, and registration or qualification of the Warrant Shares, or an exemption therefrom, has been obtained from state or other
regulatory authorities in the jurisdiction in which such Warrant Shares are sold. The Company will provide to the Warrant Agent written confirmation of all such registration or qualification, or an exemption therefrom, when requested by the Warrant
Agent. 
  
 5. Redemption. Commencing one year from the
Effective Date, the Company may, at its option, redeem the Warrants in whole, but not in part, for a redemption price of $0.10 per Warrant, on not less than 30 days’ notice to the Registered Owners. The right to redeem the Warrants may be
exercised by the Company following such one year period and during the Exercise Period only in the event (i) the closing bid price for Company’s shares of Common 
  

 7 

 Stock has equaled or exceeded
$                 (160% of the offering price of the Units) for 20 consecutive trading days immediately preceding the date of the Company’s notice of
redemption, (ii) any notice of the call for redemption is given not more than five (5) business days after the conclusion of the 20 consecutive trading days referred to in the foregoing (i), (iii) the Company has a registration statement (or a
post-effective amendment to an existing registration statement) pertaining to the Warrant Shares effective with the Securities and Exchange Commission, which registration statement would enable a Registered Owner to exercise the Warrants, and (iv)
the expiration of the 30 day notice period is within the Exercise Period. In the event the Company exercises its right to redeem the Warrants, the Expiration Date will be deemed to be, and the Warrants will be exercisable until the close of business
on, the date fixed for redemption in such notice. If any Warrant called for redemption is not exercised by such time, it will cease to be exercisable and the Registered Owner thereof will be entitled only to the redemption price. 
  
 6. Reservation of Shares and Payment of Taxes. The Company covenants
that it will at all times reserve and have available from its authorized shares of Common Stock such number of shares of Common Stock as shall then be issuable on exercise of all outstanding Warrants. The Company covenants that all Warrant Shares
issuable shall be duly and validly issued, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issue thereof. 
  
 The Registered Owner shall pay all documentary, stamp or similar taxes and other government charges that may be imposed with respect to the issuance of
the Warrants, or the issuance, transfer or delivery of any Warrant Shares on exercise of the Warrants. In the event the Warrant Shares are to be delivered in a name other than the name of the Registered Owner of the Warrant Certificates, no such
delivery shall be made unless the person requesting the same has paid to the Warrant Agent or Transfer Agent the amount of any such taxes or charges incident thereto. 
  
 The Company will supply the Warrant Agent with blank Warrant Certificates, so as to maintain an inventory satisfactory to
the Warrant Agent. The Company will file with the Warrant Agent a statement setting forth the name and address of its Transfer Agent for Warrant Shares and of each successor Transfer Agent, if any. 
  
 7. Registration of Transfer. The Warrant Certificates may be
transferred in whole or in part and may be separately transferred from the Common Stock share certificate to which such Warrant Certificate is attached only during the Exercise Period. Warrant Certificates to be 
  

 8 

 exchanged shall be surrendered to the Warrant Agent at its corporate office. The Company shall execute and the Warrant
Agent shall countersign, issue and deliver in exchange therefor, the Warrant Certificate or Certificates which the holder making the transfer shall be entitled to receive. 
  
 The Warrant Agent shall keep transfer books at its corporate office on which Warrant Certificates and the transfer thereof
shall be registered. On due presentment for registration of transfer of any Warrant Certificate at such office, the Company shall execute and the Warrant Agent shall issue and deliver to the transferee or transferees a new Warrant Certificate or
Certificates representing an equal aggregate number of Warrants. 
  
 All Warrant Certificates presented for registration of transfer or exercise shall be duly endorsed or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Warrant Agent. 

 
 Prior to due presentment for registration of transfer thereof, the Company
and the Warrant Agent may treat the Registered Owner of any Warrant Certificate as the absolute owner thereof (notwithstanding any notations of ownership or writing thereon made by anyone other than the Company or the Warrant Agent) and the parties
hereto shall not be affected by any notice to the contrary. 
  
 8.
Loss or Mutilation. On receipt by the Company and the Warrant Agent of evidence satisfactory as to the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate, the Company shall execute and the Warrant Agent
shall countersign and deliver in lieu thereof, a new Warrant Certificate representing an equal aggregate number of Warrants. In the case of loss, theft or destruction of any Warrant Certificate, the Registered Owner requesting issuance of a new
Warrant Certificate shall be required to secure an indemnity bond in favor of the Company and Warrant Agent in an amount satisfactory to each of them. In the event a Warrant Certificate is mutilated, such Certificate shall be surrendered and
cancelled by the Warrant Agent prior to delivery of a new Warrant Certificate. Applicants for a substitute Warrant Certificate shall also comply with such other regulations and pay such other reasonable charges as the Company may prescribe.

  

 9 

 9. Adjustment of Exercise Price and Shares. 
  
 (a) If at any time prior to the expiration of the Warrants
by their terms or by exercise, the Company increases or decreases the number of its issued and outstanding shares of Common Stock, or changes in any way the rights and privileges of such shares of Common Stock, by means of (i) the payment of a share
dividend or the making of any other distribution on such shares of Common Stock payable in its shares of Common Stock, (ii) a split or subdivision of shares of Common Stock, or (iii) a consolidation or combination of shares of Common Stock, then the
Exercise Price in effect at the time of such action and the number of Warrants required to purchase each Warrant Share at that time shall be proportionately adjusted so that the numbers, rights and privileges relating to the Warrant Shares then
purchasable upon the exercise of the Warrants shall be increased, decreased or changed in like manner, for the same aggregate purchase price set forth in the Warrants, as if the Warrant Shares purchasable upon the exercise of the Warrants
immediately prior to the event had been issued, outstanding, fully paid and nonassessable at the time of that event. Any dividend paid or distributed on the shares of Common Stock in shares of any other class of shares of the Company or securities
convertible into shares of Common Stock shall be treated as a dividend paid in shares of Common Stock to the extent shares of Common Stock are issuable on the payment or conversion thereof. 
  
 (b) In the event, prior to the expiration of the Warrants by
exercise or by their terms, the Company shall be recapitalized by reclassifying its outstanding shares of Common Stock into shares with a different par value, or by changing its outstanding shares of Common Stock to shares without par value or in
the event of any other material change in the capital structure of the Company or of any successor corporation by reason of any reclassification, recapitalization or conveyance, prompt, proportionate, equitable, lawful and adequate provision shall
be made whereby any Registered Owner of the Warrants shall thereafter have the right to purchase, on the basis and the terms and conditions specified in this Agreement, in lieu of the Warrant Shares theretofore purchasable on the exercise of any
Warrant, such securities or assets as may be issued or payable with respect to or in exchange for the number of Warrant Shares theretofore purchasable on exercise of the Warrants had such reclassification, recapitalization or conveyance not taken
place; and in any such event, the rights of any Registered Owner of a Warrant to any adjustment in the number of Warrant Shares purchasable on exercise of such Warrant, as set forth above, shall continue and be preserved in respect of any stock,
securities or assets which the Registered Owner becomes entitled to purchase. 
  

 10 

 (c) In the event the Company, at any time while the Warrants shall remain unexpired and
unexercised, shall sell all or substantially all of its property, or dissolves, liquidates or winds up its affairs, prompt, proportionate, equitable, lawful and adequate provision shall be made as part of the terms of such sale, dissolution,
liquidation or winding up such that the Registered Owner of a Warrant may thereafter receive, on exercise thereof, in lieu of each Warrant Share which he would have been entitled to receive, the same kind and amount of any stock, securities or
assets as may be issuable, distributable or payable on any such sale, dissolution, liquidation or winding up with respect to each share of Common Stock of the Company; provided, however, that in the event of any such sale, dissolution, liquidation
or winding up, the right to exercise the Warrants shall terminate on a date fixed by the Company, such date to be not earlier than 5:00 P.M., Eastern Time, on the 30th day next succeeding the date on which notice of such termination of the right to
exercise the Warrants has been given by mail to the Registered Owners thereof at such addresses as may appear on the books of the Company. 
  
 (d) In the event prior to the expiration of the Warrants by exercise or by their terms, the Company shall take a record of the holders of
its Common Stock for the purpose of entitling them to purchase its shares of Common Stock at a price per share more than 10% below the then-current market price per share (as defined below) at the date of taking such record, then, (i) the number of
Warrant Shares purchasable pursuant to the Warrants shall be redetermined as follows: the number of Warrant Shares purchasable pursuant to a Warrant immediately prior to such adjustment (taking into account fractional interests to the nearest
1,000th of a share) shall be multiplied by a fraction, the numerator of which shall be the number of shares of
Common Stock of the Company outstanding (excluding shares of Common Stock then owned by the Company) immediately prior to the taking of such record, plus the number of additional shares offered for purchase, and the denominator of which shall be the
number of shares of Common Stock of the Company outstanding (excluding shares of Common Stock owned by the Company) immediately prior to the taking of such record, plus the number of shares which the aggregate offering price of the total number of
additional shares so offered would purchase at such current market price; and (ii) the Exercise Price per Warrant Share purchasable pursuant to a Warrant shall be redetermined as follows: the 
  

 11 

 Exercise Price in effect immediately prior to the taking of such record shall be multiplied by a
fraction, the numerator of which is the number of Warrant Shares purchasable immediately prior to the taking of such record, and the denominator of which is the number of Warrant Shares purchasable immediately after the taking of such record as
determined pursuant to clause (i) above; provided, however, (i) that any adjustment in the number of shares issuable as set forth above shall be effective only to the extent sufficient shares of Common Stock have been registered through a
registration statement effective under the 1933 Act, and (ii) that any adjustment in the Exercise Price does not cause the Company to receive proceeds in excess of the amount authorized by any such registration statement. For the purposes of any
computation hereunder, the “Current Market Price” at any date shall be the closing price of the Common Stock on the business day next preceding the event requiring an adjustment hereunder. If the principal trading market for such
securities is an exchange, the closing price shall be the reported last sale price on such exchange on such day provided if trading of such Common Stock is listed on any consolidated tape, the closing price shall be the reported last sale price set
forth on such consolidated tape. If the principal trading market for such securities is the over-the-counter market, the closing price shall be the last reported sale price on such date as set forth by The Nasdaq Stock Market, Inc., or, if the
security is not quoted on such market, the average closing bid and asked prices as set forth in the National Quotation Bureau pink sheet or the Electronic Bulletin Board System for such day. Notwithstanding the foregoing, if there is no reported
last sale price or average closing bid and asked prices, as the case may be, on a date prior to the event requiring an adjustment hereunder, then the Current Market Price shall be determined as of the latest date prior to such day for which such
last sale price or average closing bid and asked price is available. 
  
 (e) On exercise of the Warrants by the Registered Owners, the Company shall not be required to deliver fractions of Warrant Shares; provided, however, that the Company shall make prompt, proportionate, equitable,
lawful and adequate provisions in respect of any such fraction of one Warrant Share either on the basis of adjustment in the then applicable Exercise Price or a purchase of the fractional interest at the price of the Company’s shares of Common
Stock or such other reasonable basis as the Company may determine. 
  
 (f) In the event, prior to expiration of the Warrants by exercise or by their terms, the Company shall determine to take a record of the holders of its shares of Common Stock for the purpose of determining
shareholders entitled to receive any stock 
  

 12 

 dividend, distribution or other right which will cause any change or adjustment in the number, amount,
price or nature of the shares of Common Stock or other stock, securities or assets deliverable on exercise of the Warrants pursuant to the foregoing provisions, the Company shall give to the Registered Owners of the Warrants at the addresses as may
appear on the books of the Company at least 30 days’ prior written notice to the effect that it intends to take such a record provided, however, that notice to the Registered Owners of an extension of the Expiration Date may be made by
publication or by release to Dow Jones, P.R. Newswire or other means of general distribution. Such notice shall specify the date as of which such record is to be taken; the purpose for which such record is to be taken; and the number, amount, price
and nature of the shares of Common Stock or other stock, securities or assets which will be deliverable on exercise of the Warrants after the action for which such record will be taken has been completed. Without limiting the obligation of the
Company to provide notice to the Registered Owners of the Warrants of any corporate action hereunder, the failure of the Company to give notice shall not invalidate such corporate action of the Company. 
  
 (g) The Warrants shall not entitle the Registered Owner
thereof to any of the rights of shareholders or to any dividend declared on the shares of Common Stock unless the Warrant is exercised and the Warrant Shares purchased prior to the record date fixed by the Board of Directors of the Company for the
determination of holders of shares of Common Stock entitled to such dividend or other right. 
  
 (h) No adjustment of the Exercise Price shall be made as a result of or in connection with (i) the issuance of shares of Common Stock of
the Company pursuant to options, warrants, employee stock ownership plans and share purchase agreements outstanding or in effect on the date hereof, (ii) the establishment of additional option plans of the Company, the modification, renewal or
extension of any plan now in effect or hereafter created, or the issuance of shares of Common Stock on exercise of any options pursuant to such plans, and (iii) the issuance of shares of Common Stock in connection with compensation arrangements for
officers, employees or agents of the Company or any subsidiary, and the like. 
  
 (i) The Company shall be empowered, in the sole and unconditional discretion of the Board of Directors, at any time during the Exercise Period, to reduce the applicable Exercise Price of the Warrants. Any such
reduction in the applicable Exercise Price shall be effective upon written notice to the Warrant Agent, which notice shall be 
  

 13 

 given pursuant to a duly and validly authorized resolution of the Board of Directors of the Company. Any
such reduction in the Exercise Price shall not entitle the Registered Owners to issuance of any additional Common Shares pursuant to the adjustment provisions set forth elsewhere herein, regardless of whether the reduction in the Exercise Price was
effected either prior to or following exercise of Warrants by the Registered Owners thereof. A nonexercising Registered Owner shall have no remedy or rights to receive any additional Warrant Shares as a result of any reduction in any applicable
Exercise Price pursuant to this subsection. 
  
 10. Duties,
Compensation and Termination of Warrant Agent. The Warrant Agent shall act hereunder as agent and in a ministerial capacity for the Company, and its duties shall be determined solely by the provisions hereof. The Warrant Agent shall not, by
issuing and delivering Warrant Certificates or by any other act hereunder, be deemed to make any representations as to the validity, value or authorization of the Warrant Certificate or the Warrants represented thereby or of the Warrant Shares or
other property delivered on exercise of any Warrant. The Warrant Agent shall not be under any duty or responsibility to any holder of the Warrant Certificates to make or cause to be made any adjustment of the Exercise Price or to determine whether
any fact exists which may require any such adjustments. 
  
 The
Warrant Agent shall not (i) be liable for any recital or statement of fact contained herein or for any action taken or omitted by it in reliance on any Warrant Certificate or other document or instrument believed by it in good faith to be genuine
and to have been signed or presented by the proper party or parties, (ii) be responsible for any failure on the part of the Company to comply with any of its covenants and obligations contained in this Agreement or in the Warrant Certificates, or
(iii) be liable for any act or omission in connection with this Agreement except for its own negligence or willful misconduct. 
  
 The Warrant Agent may at any time consult with counsel satisfactory to it (who may be counsel for the Company) and shall incur no liability or
responsibility for any action taken or omitted by it in good faith in accordance with the opinion or advice of such counsel. 
  
 Any notice, statement, instruction, request, direction, order or demand of the Company shall be sufficiently evidenced by an instrument signed by its
President and attested by its Secretary or Assistant Secretary. The Warrant Agent shall not be liable for any action taken or omitted by it in accordance with such notice, statement, instruction, request, direction, order or demand. 
  

 14 

 The Company agrees to pay the Warrant Agent reasonable compensation for its services hereunder and to
reimburse the Warrant Agent for its reasonable expenses. The Company further agrees to indemnify the Warrant Agent against any and all losses, expenses and liabilities, including judgments, costs and counsel fees, for any action taken or omitted by
the Warrant Agent in the execution of its duties and powers hereunder, excepting losses, expenses and liabilities arising as a result of the Warrant Agent’s negligence or willful misconduct. 
  
 The Warrant Agent may resign its duties or the Company may terminate the
Warrant Agent and the Warrant Agent shall be discharged from all further duties and liabilities hereunder (except liabilities arising as a result of the Warrant Agent’s own negligence or willful misconduct) on 30 days’ prior written notice
to the other party. At least 12 days prior to the date such resignation is to become effective, the Warrant Agent shall cause a copy of such notice of resignation to be mailed to the Registered Owner of each Warrant Certificate. On such resignation
or termination, the Company shall appoint a new Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of the resignation by the Warrant Agent, then the Registered Owner of
any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent. Any new Warrant Agent, whether appointed by the Company or by such court, shall be a bank or trust company having a capital and
surplus, as shown by its last published report to its shareholders, of not less than $1,000,000, and having its principal office in the United States. 
  
 After acceptance in writing of an appointment of a new Warrant Agent is received by the Company, such new Warrant Agent shall be vested with the same
powers, rights, duties and responsibilities as if it had been originally named herein as the Warrant Agent, without any further assurance, conveyance, act or deed; provided, however, if it shall be necessary or expedient to execute and deliver any
further assurance, conveyance, act or deed, the same shall be done at the expense of the Company and shall be legally and validly executed. The Company shall file a notice of appointment of a new Warrant Agent with the resigning Warrant Agent and
shall forthwith cause a copy of such notice to be mailed to the Registered Owner of each Warrant Certificate. 
  
 Any corporation into which the Warrant Agent or any new Warrant Agent may be converted or merged, or any corporation resulting from any consolidation to
which the Warrant Agent or any new Warrant Agent shall be a party, or any corporation succeeding to the corporate 
  

 15 

 trust business of the Warrant Agent shall be a successor Warrant Agent under this Agreement, provided that such
corporation is eligible for appointment as a successor to the Warrant Agent. Any such successor Warrant Agent shall promptly cause notice of its succession as Warrant Agent to be mailed to the Company and to the Registered Owner of each Warrant
Certificate. No further action shall be required for establishment and authorization of such successor Warrant Agent. 
  
 The Warrant Agent, its officers or directors and it subsidiaries or affiliates may buy, hold or sell Warrants or other securities of the Company and
otherwise deal with the Company in the same manner and to the same extent and with like effect as though it were not the Warrant Agent. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company. 
  
 11. Modification of Agreement. The Warrant Agent and the Company may
by supplemental agreement make any changes or corrections in this Agreement they shall deem appropriate to cure any ambiguity or to correct any defective or inconsistent provision or mistake or error herein contained. Additionally, the parties may
make any changes or corrections deemed necessary which shall not adversely affect the interests of the Registered Owners of Warrant Certificates; provided, however, this Agreement shall not otherwise be modified, supplemented or altered in any
respect except with the consent in writing of the Registered Owners of Warrant Certificates representing not less than a majority of the Warrants outstanding. Additionally, no change in the number or nature of the Warrant Shares purchasable on
exercise of a Warrant or the Exercise Price therefor shall be made without the consent in writing of the Registered Owner of the Warrant Certificate representing such Warrant, other than such changes as are specifically prescribed by this Agreement.

  
 12. Notices. All notices, demands, elections, opinions
or requests (however characterized or described) required or authorized hereunder shall be deemed given sufficiently in writing and sent by registered or certified mail, return receipt requested and postage prepaid, or by tested telex, telegram or
cable to, in the case of the Company: 
  
 Arena Resources, Inc.

 4920 South Lewis Street, Suite 107 
 Tulsa, Oklahoma 74105 
  

 16 

 and in the case of the Warrant Agent: 
  
 Atlas Stock Transfer, Inc. 
 5899 South State Street 
 Salt Lake City, Utah 84107 
  
 with a copy to: 
  
 Samuel E. Wing, Esq. 
 Jones & Keller, P.C. 
 1625 Broadway,
Suite 1600 
 Denver, Colorado 80202 
  
 and 
  
 John B. Johnson, Jr. 
 Johnson, Jones,
Dornblaser, Coffman & Shorb, P.C. 
 2200 Bank of America Center 
 15 West Sixth Street 
 Tulsa, Oklahoma 74119

  
 and if to the Registered Owner of a Warrant Certificate, at the address of
such Registered Owner as set forth on the books maintained by the Warrant Agent. 
  
 13. Persons Benefitting. This Agreement shall be binding upon and inure to the benefit of the Company, the Warrant Agent and their respective successors and assigns, and the Registered Owners and beneficial
owners from time to time of the Warrant Certificates. Nothing in this Agreement is intended or shall be construed to confer on any other person any right, remedy or claim or to impose on any other person any duty, liability or obligation.

  
 14. Further Instruments. The parties shall execute and
deliver any and all such other instruments and shall take any and all such other actions as may be reasonable or necessary to carry out the intention of this Agreement. 
  
 15. Severability. If any provision of this Agreement shall be held, declared or pronounced void, voidable, invalid,
unenforceable or inoperative for any reason by any court of competent jurisdiction, government authority or otherwise, such holding, declaration or pronouncement shall not affect adversely any other provision of this Agreement, which shall

  

 17 

 otherwise remain in full force and effect and be enforced in accordance with its terms, and the effect of such holding,
declaration or pronouncement shall be limited to the territory or jurisdiction in which made. 
  
 16. Waiver. All the rights and remedies of either party under this Agreement are cumulative and not exclusive of any other rights and remedies as provided by law. No delay or failure on the part of either party
in the exercise of any right or remedy arising from a breach of this Agreement shall operate as a waiver of any subsequent right or remedy arising from a subsequent breach of this Agreement. The consent of any party where required hereunder to any
act or occurrence shall not be deemed to be a consent to any other action or occurrence. 
  
 17. General Provisions. This Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of Nevada. Except as otherwise expressly stated herein, time is of the essence
in performing hereunder. This Agreement embodies the entire agreement and understanding between the parties and supersedes all prior agreements and understandings relating to the subject matter hereof, and this Agreement may not be modified or
amended or any term or provision hereof waived or discharged except in writing signed by the party against whom such amendment, modification, waiver or discharge is sought to be enforced. The headings of this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same
instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as of the date first above mentioned. 
  

			
	 THE COMPANY:

	
	 ARENA RESOURCES, INC.

		
	 By:
	 	  

	 	 	 Lloyd Tim Rochford, President

  

			
	 ATTEST:

	  

		
	 Title:
	 	  

  

 18 

			
	 THE WARRANT AGENT:

	
	 ATLAS STOCK TRANSFER, INC.

		
	 By:
	 	  

		
	 Title:
	 	  

  

			
	 ATTEST:

	  

		
	 Title:
	 	  

  

 19 

					
	 STATE OF
	 	 )
	  	 
	 	 	 ) ss.
	  	 
	 COUNTY OF
	 	 )
	  	 

  
 Subscribed and sworn
to before me by Lloyd Tim Rochford, President of Arena Resources, Inc., this                  day of
                                        
    , 2004. 
  
 Witness my hand and
official seal. 
  
 My commission expires: 
  

			
	  

	Notary Public

  
 ( S E A L )

  

					
	 STATE OF
	 	 )
	  	 
	 	 	 ) ss.
	  	 
	 COUNTY OF
	 	 )
	  	 

  
 Subscribed and sworn
to before me by
                                        
                ,
                                 of Atlas Stock Transfer, Inc., this
             day of
                                , 2004. 
  
 Witness my hand and official seal. 
  
 My commission expires: 
  

			
	  

	Notary Public

  
 ( S E A L )

  

 20

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