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DUNCAN HURST CAPITAL MANAGEMENT LP
> ARD
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2008 | ARENA RESOURCES INC | ARD | 7,690 | -21,960 | 298,756 | -1,267,357 | $38.85 |
| 06/30/2008 | ARENA RESOURCES INC | ARD | 29,650 | -7,040 | 1,566,113 | 145,843 | $52.82 |
| 03/31/2008 | ARENA RESOURCES INC | ARD | 36,690 | 13,940 | 1,420,270 | 471,368 | $38.71 |
| 12/31/2007 | ARENA RESOURCES INC | ARD | 22,750 | 13,910 | 948,902 | 369,882 | $41.71 |
| 09/30/2007 | ARENA RESOURCES INC | ARD | 8,840 | -59,510 | 579,020 | -3,392,798 | $65.50 |
| 06/30/2007 | ARENA RESOURCES INC | ARD | 68,350 | -16,060 | 3,971,818 | -258,811 | $58.11 |
| 03/31/2007 | ARENA RESOURCES INC | ARD | 84,410 | -45,160 | 4,230,629 | -1,303,305 | $50.12 |
| 12/31/2006 | ARENA RESOURCES INC | ARD | 129,570 | -5,690 | 5,533,934 | 1,189,383 | $42.71 |
| 09/30/2006 | ARENA RESOURCES INC | ARD | 135,260 | 71,220 | 4,344,551 | 2,148,620 | $32.12 |
| 06/30/2006 | ARENA RESOURCES INC | ARD | 64,040 | -38,040 | 2,195,931 | -1,366,661 | $34.29 |
| 03/31/2006 | ARENA RESOURCES INC | ARD | 102,080 | 47,190 | 3,562,592 | 2,047,592 | $34.90 |
| 12/31/2005 | ARENA RESOURCES INC | ARD | 54,890 | 54,890 | 1,515,000 | 1,515,000 | $27.60 |
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