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| | Business Summary: Arkanova Energy Corp., an exploration stage company, engages in the acquisition, exploration, and development of prospective oil and gas, and mineral properties in the United States and Canada. | | | Address
666 Burrard St., Suite 500
Vancouver
, British Columbia V6C 3P6
Phone: 604-642-6143
Fax: 604-608-9203
| | Auditor |
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Malone &Bailey
Houston | | Transfer Agent |
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Pacific Stock Transfer Co.
| | ShareHolders: 121 | Founded: 2001
Domicile: Nevada | | | |
| | Arkanova Energy Corp., an exploration stage company, engages in the acquisition, exploration, and development of prospective oil and gas, and mineral properties in the United States and Canada. The company holds interests in oil and gas properties located in the Phillips, Monroe, and Desha Counties in the State of Arkansas. It also owns interests in the Maun Lake property consisting of 1 unpatented claim block covering 64 hectares located in the Maun Lake area of north-western Ontario, Canada. Arkanova Energy Corp. is headquartered in The Woodlands, Texas. | | History: INCORPORATED in Nevada Sept. 6, 2001 as Talon Ventures, Inc. Name changed to Alton Ventures, Inc. Jan. 15, 2003; and to Arkanova Energy Corp. Nov. 1, 2006.
March 1, 2007, completed a merger involving Arkanova Energy, Inc., a privately held Delaware concern, and Arkanova Acquisition Corp., a wholly owned subsidiary of the company. Under the terms of the agreement, Arkanova Acquisition Corp. was the survivor of the merger, and the former shareholders of Arkanova Energy, Inc. received 13 million shares of the company's Common stock (adjusted for a 2-for-1 split on Nov. 1, 2006). In addition, the former president of the company returned 10 million shares of the company's Common stock to the treasury for cancellation for no consideration. | | | | Subsidiaries: |
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Arkanova Acquisition Corp.
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Management
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| Officers | Position |
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| Pierre G. Mulacek | President, Secretary, Treasurer & Chief Executive Officer | | Reginald Denny | Chief Financial Officer & Chief Accounting Officer |
| | Directors |
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| Erich Hofer | | Pierre G. Mulacek | | | |
| | | | Capitalization as of 03/31/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 1,000,000,000 | 36,450,250 |
| | | | LONG TERM DEBT: None. | | | | Common $0.001 par | | | | COMMON SOLD PRIVATELY: In November 2001, the company issued a total of 10,000,000 Common shares at $0.001 per share. In the offering, 5,000,000 shares were issued to the company's founder and president, Brian C. Doutaz under Section 4(2) of the Securities Act of 1933, as amended, and 5,000,000 shares were issued to 12 individuals pursuant to Rule 903 of Regulation S of the Securities Act of 1933, as amended.
March 1, 2007, the company issued 6,312,500 shares of its Common stock at $0.80 per share for proceeds of $5,050,000. The shares were issued in reliance upon the exemptions from registration under Rule 506 of Regulations D and S of the Securities Act of 1933, amended. In connection with the sale, the company agreed to pay commissions of $364,000, and issue 568,750 warrants. Each warrant entitles the holder to purchase one additional Common share at $1.00 per share from Mar. 1, 2008 to Mar. 1, 2010. | | | |
Stockholders:
12/12/2007,
121.
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Transfer Agent: Pacific Stock Transfer Co.
Las Vegas
, NV | | | | OTC Bulletin Board( Primary): AKVA | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2007 | 1.8500 | 1.0900 | | OTC Bulletin Board | 2006 | 1.3000 | 0.7500 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common split 2-for-1, Nov. 1, 2006. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
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| General and administrative expenses | 1,437 | 35 | | Interest expense | 74 | -- | | Interest income | 12 | -- | | Net income | (1,499) | (35) | | Share earns. basic | ($0.05) | Nil | | Share earns. diluted | ($0.05) | Nil | | Avge. shares (Thou.) | 28,525 | 8,849 |
| | | | Balance Sheet | |
| 2007 | 2006 |
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| Assets: |
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| | Cash | 2,659 | 110 | | Other curr. assets | 70 | 34 | | Tot. curr assets | 2,729 | 144 | | Property and equipment | 2 | -- | | Oil and gas properties | 10,443 | 6,429 | | Total assets | 13,174 | 6,573 | | Liabilities: |
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| | Notes pay. | -- | 1,500 | | Accts. pay. & accruals | 77 | 87 | | Tot. curr. liabs. | 77 | 1,587 | | Com. stk. p.$0.001 | 33 | 13 | | Paid-in cap. | 12,165 | 5,008 | | Retained earns. | (1,534) | (35) | | Common stock subscribed | 2,432 | -- | | Total shareholders' equity | 13,097 | 4,986 | | Total liabs. | 13,174 | 6,573 | | Common Shares (Thou.) | 33,010 | 13,000 |
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* Above results are those of Alton Ventures Inc.
Alton Ventures Inc. (the Company) was incorporated in the state of Nevada on Sept. 6, 2001. Effective Nov. 1, 2006, Company changed its name to Arkanova Energy Corp. and effected a forward stock split on a two new shares for one old share basis. The Company entered into an agreement and plan of merger (Merger Agreement) dated Oct. 20, 2006 with Arkanova Energy Inc., a private Delaware corp. (Arkanova) and Arkanova Acquisition Corp., a Delaware corp. (Acquisition Corp.) and wholly-owned subsidiary of the Company incorporated for the sole purpose of effecting the merger. Pursuant to the terms of the Merger Agreement, Arkanova merged with and into Acquisition Corp., with Acquisition Corp. carrying on as the surviving entity. The merger occurred on March 1, 2007. The Company will carry on the business of Arkanova, which is engaged in acquiring, exploring and developing oil and gas properties. Completion of the acquisition resulted in Arkanova being deemed the acquirer for accounting purposes. The financial statements of Arkanova, the accounting acquirer, will become those of the surviving entity. This transaction has been treated as a recapitalization of Arkanova.
The following results are those of Arkanova Energy Inc., a private Delaware corp. for the period from June 16, 2006, date of inception to Sept. 30, 2006. | | | |
| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2007 |
Full Year
| Nil | | 2006 |
Full Year
| 0 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
2 | (260,000) | | 2008 |
3 | (610,000) | | 2007 |
Full Year
| (1,500,000) | | 2006 |
Full Year
| (140,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
2 | (.01) | | 2008 |
3 | (.02) | | 2007 |
Full Year
| (.05) | | 2006 |
Full Year
| .00 |
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