HOUSTON, Sept. 16 /PRNewswire/ -- Arkanova Energy
Corporation (OTC Bulletin Board: AKVA), through our subsidiary
Provident Energy Associates of Montana, LLC, completed the logging and coring
phase and successfully drilled to a total vertical depth of
approximately 5,908 feet of the Tribal-Max 1-2817. The
Tribal-Max 1-2817 is located at SE1/4 SW1/4 Section 28,
T32N, R6W, P.M.M. Glacier County,
Montana. The logs and cores are currently under
evaluation.
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The Tribal-Max 1-2817 has kicked off and is building its
curve portion of the lateral leg in an attempt to land in the Lower
Cut Bank Sand. As of September 15,
2010 at 12:00 p.m. EDT the
Tribal-Max 1-2817 is at a current well depth of 3,531 feet
measured depth (MD) and 49.31 degree inclination with an estimated
landing depth of 3,982 feet MD. If the landing and casing to this
estimated point are deemed successful, then Provident Energy
intends to proceed with the horizontal segment of the Tribal-Max
1-2817 lateral leg.
Provident Energy operates the TMCBSU and was acquired by a
subsidiary of Arkanova Energy Corporation in October, 2008.
About Arkanova Energy Corporation
Arkanova Energy Corporation 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.
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include
statements based on current expectations involving a number of
risks and uncertainties and are not guarantees of future
performance of the company such as the statement that: (i) the
company intends to initially drill the well vertically to an
approximate depth of 6,000 feet; (ii) the company intends to
complete the horizontal leg with Schlumberger's PeriScope
Technology; and (iii) the company intends to initiate the
horizontal leg at approximately 3,300 feet and kick out roughly
2,000 to 3,000 feet. There are numerous risks and uncertainties
that could cause actual results and the company's plans and
objectives to differ materially from those expressed in the
forward-looking information, including: (i) delays with respect to
the drill program; (ii) adverse market conditions; (iii) a decrease
in demand for and price of oil; (iv) general uncertainties with
respect to oil and gas exploration in general; and (v) the
inability of the company to raise the financing necessary to carry
out the exploration program. Actual results and future events could
differ materially from those anticipated in such information.
Except as required by law, the company does not intend to update
such forward-looking information. The contents of this press
release should be considered in conjunction with the risk factors
and cautionary statements contained in the company's periodic
filings with the Securities and Exchange Commission available
at www.sec.gov.
SOURCE Arkanova Energy Corporation
Copyright . 16 PR Newswire