AUSTIN, Texas, Aug. 12, 2011 /PRNewswire/ -- Arkanova Energy
Corporation (OTCBB: AKVA) ("Arkanova Energy"), today announces that
Provident Energy of Montana, LLC
("Provident Energy"), a subsidiary of Arkanova Energy, successfully
finished the completion of the six stage perf and frac of the
Tribal-Max 1-2817; the first successful horizontal well drilled in
the Cut Bank Sand formation. In addition, the company also
recompleted three existing vertical wells within the Two Medicine
Cut Bank Sand Unit (TMCBSU).
The Tribal-Max 1-2817 as of August 8,
2011 was still flowing back at a high rate and pressure.
Completion of the Tribal-Max 1-2817 included a six stage frac
consisting of approximately 12,410 barrels of stimulation fluid and
474,981 pounds of sand. Three other wells within the field were
also stimulated, achieving near to or exceeded design parameters.
The company will update shareholders of the field production
improvements as stimulation water is pumped back and oil volumes
are steady.
Arkanova Energy's President and CEO, Pierre Mulacek stated, "We are hopeful the
results will be successful and that the success will help
facilitate further development within the TMCBSU."
The completion and volume results for the vertical wells and the
Tribal-Max 1-2817 cannot be estimated nor confirmed at this
time.
About Arkanova Energy Corporation
Arkanova Energy is an exploration and junior production company
engaged in the acquisition, exploration, and development of oil and
gas properties. The company has secured working interest in three
key North American areas in Montana, Arkansas and Colorado. The company relies on experience,
science and proven growth strategies in order to continuously
balance a risk/reward portfolio.
For more information, please visit www.arkanovaenergy.com.
Investor Contact:
Burt Taylor
Tel: (281) 298-9555
email: info@arkanovaenergy.com
SOURCE Arkanova Energy Corporation