Arkanova Energy Corp. (OTC: AKVA) is an exploration and
junior production company engaged in the acquisition, exploration, and
development of oil and gas properties. Through the use of science driven data
and extensive industry experience, the company is currently leveraging working
interests in both Montana and Colorado.
The company’s primary leasehold lies in the Cut Bank Sand
formation of Montana. Spanning across Pondera and Glacier Counties, the oil and
natural gas resource features oil bearing sands ranging in thickness from 0 to
52 feet. The Two Medicine Cut Bank Sand Unit (TMCBSU) is an extension of this
leasehold acquired by Arkanova in 2008. This property contains 34 active wells,
in addition to a collection of well bores set for completion and activation at
a later date. With an estimated 21 million tank barrels of oil in place
throughout the area, Arkanova is in a strong position to increase production as
market value rises in the future.
In September 2014, Arkanova announced that it had received a
well permit from the EPA, which enabled the installation of an injection plant
and pipeline on the company’s TMCBSU lease acreage. This installation will
allow the company to reactivate waterflood operations as necessary, effectively
increasing production totals based on market demand.
In addition to TMCBSU, the company’s Colorado leasehold has
shown great promise for future production. The acreage features a primary
interval approximately 100 feet thick that’s currently accessible through an
existing well. According to the company’s test results, the prospect has the
potential to support multiple vertical or horizontal wells, giving Arkanova the
means for potentially significant boosts to production levels as oil prices
begin to rebound. According to the U.S. Geological Survey, the Paradox Basin,
of which the company’s working interest is a part, likely holds more than 500
million barrels of oil and more than one trillion cubic feet of gas.
As oil prices begin to rise following a drop in inventory,
Arkanova is in a strong position to leverage its existing reserves to promote
strong returns in the years to come. Look for the company to rely on
experience, science and proven growth strategies in order to continuously
balance its risk/reward portfolio and grow its market share moving forward.
For more information, visit www.arkanovaenergy.com
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