Arkanova Energy Corporation (Arkanova) is a junior producing oil and gas company and is also engaged in the acquisition, exploration and development of prospective oil and gas properties. The Company holds property interests located in three counties in the State of Arkansas, United States, mineral leases in Delores County, Lone Mesa State Park, Colorado and leasehold interests located in Pondera and Glacier Counties, Montana. It focuses to acquire additional oil and gas property interests. Arkanova holds all leasehold interests in the Two Medicine Cut Bank Sand Unit in Pondera and Glacier Counties, Montana, and the equipment, parts, machinery, fixtures and improvements located on, or used in connection with, the Two Medicine Cut Bank Sand Unit. It has acquired or is in the process of acquiring, leases of mineral rights in approximately 50,000 acres of prospective oil and gas lands located in Phillips and Monroe Counties, Arkansas.