OTC Bulletin Board

S & P Company Insight for ARKANOVA ENERGY CORP

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.
  666 Burrard St., Suite 500
  Vancouver , British Columbia V6C 3P6
  Phone: 604-642-6143
  Fax: 604-608-9203
  Malone &Bailey
Transfer Agent
  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.
Arkanova Acquisition Corp.


 Pierre G. MulacekPresident, Secretary, Treasurer & Chief Executive Officer
 Reginald  DennyChief Financial Officer & Chief Accounting Officer

 Erich  Hofer
 Pierre G. Mulacek
 Annual Report

Annual Report
Income Statement
General and administrative expenses 1,43735
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.)28,5258,849
Balance Sheet
Other curr. assets7034
Tot. curr assets2,729144
Property and equipment 2--
Oil and gas properties10,4436,429
Total assets13,1746,573
Notes pay.--1,500
Accts. pay. & accruals7787
Tot. curr. liabs.771,587
Com. stk. p.$0.0013313
Paid-in cap.12,1655,008
Retained earns.(1,534)(35)
Common stock subscribed 2,432--
Total shareholders' equity13,0974,986
Total liabs.13,1746,573
Common Shares (Thou.)33,01013,000
 * 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

Interim Report   
Data Not Available
 Pro Forma Report

Pro Forma Report   
Data Not Available
 Quarterly Report

Quarterly Report Information   
Quarterly Revenue, US$
  2007   Full Year Nil
  2006   Full Year 0
Quarterly Net Income, US$
  2008   2(260,000)
  2008   3(610,000)
  2007   Full Year (1,500,000)
  2006   Full Year (140,000)
Quarterly EPS, US$
  2008   2(.01)
  2008   3(.02)
  2007   Full Year (.05)
  2006   Full Year .00
 Stock Data

Capitalization as of 03/31/2008:
 Authorized SharesOutstanding Shares
Common $0.001 par1,000,000,00036,450,250
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.
Transfer Agent:  Pacific Stock Transfer Co.   Las Vegas , NV
OTC Bulletin Board( Primary): AKVA
OTC Bulletin Board20071.85001.0900
OTC Bulletin Board20061.30000.7500
DIVIDENDS: Common $0.001 par: No cash. Common split 2-for-1, Nov. 1, 2006.