Arkanova Energy Corporation Confirms Bakken and Three Forks Presence

HOUSTON, Jan. 18, 2011 /PRNewswire/ -- Arkanova Energy Corporation (OTC Bulletin Board: AKVA) ("Arkanova Energy"), today announces that Provident Energy of Montana, LLC ("Provident Energy"), a wholly-owned subsidiary of Arkanova Energy, recently drilled the Tribal-Max 1-2817 well to an approximate vertical depth of 5,908 ft to test and confirm the presence of Mississippian and Devonian exploration targets of the Southern Alberta Basin in Glacier County, Montana. These targets are Bakken and Three Forks equivalents. Initial results support plans to continue drilling the Mississippian and Devonian strata. The intervals continue to be evaluated for the lateral well bore placement of the proposed Tribal-Max 2-2818 well location.

Provident Energy operates and has a 70% working interest in the Two Medicine Cut Bank Sand Unit in Pondera and Glacier Counties, Montana.

About Arkanova Energy Corporation

Arkanova Energy 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.

SOURCE Arkanova Energy Corporation