Arkanova Development LLC, a subsidiary of Arkanova Energy Corporation, (symbol: AKVA.OB), drilled the Griffin #33-1 test well on November 29, 2007 in Phillips County, Arkansas to the current depth of 7,732 feet.
A 30 foot whole core and 40 individual sidewall cores were taken from the well. Results from Core Lab revealed dry-gas prone organic material within the mature hydrocarbon window. Entrada GeoSciences performed gas desorption tests on the cores and reported gas content volumes ranging from 4.1 scft (standard cubic foot per ton) to 74 scft. Schlumberger ran a complete logging suite on the well including a Platform Express, FMI, Sonic, and check shot survey. Micro-Strat Inc. analyzed the cuttings for paleontology from 4,500 to 7,725ft and has interpreted a Mississippian age for the rock.
It is believed that the well did not reach Devonian age rock as perceived by the geological field survey of the cuttings during drilling of the well. This leads us to believe that the bottom of the Mississippian and the Devonian age rock still needs to be drilled.
Arkanova intends to sub contract out the acquisition of approximately 76 miles of new seismic data in the spring of 2008 and intends to incorporate results from the Griffin #33-1 well logs to assist in correlating the new seismic. Arkanova anticipates that this new seismic data will be used in conjunction with the deepening and testing of the current higher gas shows in the Griffin #33-1, and to help in evaluating Arkanova’s approximate 40,000 acre leasehold. It is anticipated that the new information will help to define the location of a second Griffin well to be drilled.
Arkanova intends to appoint Gustavson Associates, LLC, a Boulder Colorado consulting firm, to supervise the design, acquisition and processing of the seismic data and to interpret the new seismic data. Gustavson will be appointed to evaluate the results of the Griffin #33-1 well and to continue overseeing the well operations as the Griffin #33-1 is deepened to the Devonian and tested.
About Arkanova
The company’s primary focus is the exploration and development of certain oil and gas leasehold property interests in Phillips and Monroe counties Arkansas with over approximately 40,000 gross mineral acres in those two counties. In addition, Arkanova has an option to acquire oil and gas leases for a 100% working interest in approximately 15,000 additional gross mineral acres located in Deshea County, AR.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
This news release contains “forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the estimation, expectation and/or claim, as applicable, that: (i) Arkanova intends to sub contract out the acquisition of approximately 76 miles of new seismic data in the spring of 2008 and intends to incorporate results from the Griffin #33-1 well logs to assist in correlating the new seismic; (ii) Arkanova anticipates that the new seismic data will be used in conjunction with the deepening and testing of the current higher gas shows in the Griffin #33-1, and to help in evaluating Arkanova’s approximate 40,000 acre leasehold; (iii) Arkanova anticipates that the new information will define the location of a second Griffin well to be drilled; and (iv) Arkanova intends to appoint Gustavson Associates, LLC, a Boulder Colorado consulting firm, to supervise the design, acquisition and processing of the seismic data and to interpret the new seismic data. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include: (i) the inherent uncertainties and speculative nature associated with oil and gas exploration; (ii) any number of events or causes which delay or cease exploration and development of the company’s property interests such as environmental liabilities, weather, mechanical failures, safety concerns, labour problems and financing problems; (iii) changes in economic conditions, adverse exchange rates and financial markets; (iv) the risk that the company does not execute its business plan; (v) the inability to retain key employees; (vi) changes in the prices of oil and gas; (vii) the company’s inability to finance its operations or growth; and (viii) the inability to obtain all necessary government, environmental and regulatory approvals. These forward-looking statements are made as of the date of this news release and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the company’s periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov.