Immediately after the announcement of the takeover of Arena Resources by SandRidge Energy an investigation on behalf of current investors in Arena Resources, Inc. (NYSE:ARD) concerning shareholder claims over possible breaches of fiduciary duty by the board of directors of Arena Resources, Inc. (Public, NYSE:ARD) was announced.

The investigation by law firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Arena Resources, Inc. arising out of their attempt to sell Arena Resources, Inc. (NYSE:ARD) to SandRidge Energy, Inc. Arena Resources, Inc., located in Tulsa, OK, is engaged in oil and natural gas acquisition, exploration, development and production, with activities in Oklahoma, Texas, New Mexico and Kansas. Arena Resources, Inc. reported in 2007 Total Revenue of $100.09million, in 2008 $208.86million, and in 2009 $126.24million. On April 10, 2010 SandRidge Energy, Inc. (NYSE: SD) and Arena Resources, Inc. (NYSE: ARD) announced that they have entered into a definitive merger agreement under which Arena Resources, Inc shareholders (ARD) will receive stock and cash consideration valued at $40 per share of Arena Resources, Inc common stock (ARD) based on SandRidge Energy's April 1, 2010 closing price or a transaction value of approximately $6.2 billion. According to Arena Resources, Inc the offer represents a 17% premium for Arena Resources, Inc shareholders.

But shares of Arena Resources, Inc. (NYSE:ARD) traded before the announcement at $34.40 per share, and were down from its 52weekHigh of $45.72 per share and over $51 in Mid 2008.

According the investigation by a law firm concerns whether the Arena Resources, Inc. Board of Directors breached their fiduciary duties to Arena Resources, Inc. (ARD) stockholders by failing to adequately shop the Company prior to entering into the agreement, whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value for Arena Resources, Inc. (NYSE:ARD), and whether SandRidge Energy, Inc. is underpaying for Arena Resources, Inc., thus unlawfully harming Arena Resources (ARD) stockholders.

Those who are currently long term investors in shares of Arena Resources, Inc. (Public, NYSE:ARD), have certain options and should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 1554.