UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
April 9
, 20
10
ARKANOVA
ENERGY CORPORATION
(Exact
name of registrant as specified in its charter)
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Nevada
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000-51612
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68-0542002
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(State
or other jurisdiction of
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(Commission
File Number)
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(IRS
Employer
|
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incorporation
or organization)
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Identification
No.)
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2441
High Timbers Drive
Suite
120
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77380
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: 281-298-9555
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 1 4a- 12 under the Exchange Act (17 CFR
240.1 4a- 12)
[ ]
Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange
Act (17 CFR 240.1 4d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange
Act (17 CFR 240.1 3e-4(c))
Item
1.01. Entry Into a Material Definitive Agreement.
Our subsidiary, Provident Energy
Associates of Montana, LLC, entered into a Purchase and Sale Agreement dated
April 9, 2010, with Knightwall Invest, Inc., a British Virgin Islands
corporation, pursuant to which Provident agreed to sell to Knightwall, and
Knightwall agreed to purchase, 30% of the of the leasehold interests comprising
Provident’s Two Medicine Cut Bank Sand Unit in Pondera and Glacier
Counties, Montana, and the equipment, parts, machinery, fixtures and
improvements located on, or used in connection with, the Unit, for a purchase
price of $7,000,000 (the “Purchase Price”). The closing of the
purchase and sale, which is subject to the payment in full of all installments
of the Purchase Price and other conditions of closing, is scheduled to occur on
August 6, 2010. There is no assurance at this time, however, that the closing
will occur.
Knightwall is a lender to the
registrant and it currently has an outstanding loan to the registrant of
$330,000 in principal amount bearing interest at the rate of 10% per annum and
due and payable by the registrant on May 29, 2010, plus interest of
$33,000. The note will be renewed on May 29, 2010, in the amount of
$363,000 and then the total amount due ($367,077.53, which includes accrued
interest to the date of payment) will be paid in full from the portion of the
Purchase Price to be paid by Knightwall on July 8, 2010.
The Purchase Price is payable in
installments, with the initial payment of $1,500,000 being due on or before
April 9, 2010, a second payment of $2,000,000 being due on June 8, 2010, a third
payment of $2,000,000 ($367,077.53 of which Knightwall is entitled to apply to
the payment in full of its loan to the registrant) being due on July 8, 2010,
and the remaining $1,500,000 being due at the closing of the purchase and
sale. The April 9, 2010, payment due has been
received. The net proceed from the purchase and sale will, among
other things, be used by Provident to do the following:
(i)
Drill a
well to be designated the “Tribal – Max 1– 2817 Well” down and into the Bakken
formation to test that formation and then to come up-hole to drill and complete
a horizontal leg in the upper and/or lower Cut Bank formations;
(ii)
If the
test of the Bakken formation in the Tribal – Max 1– 2817 Well reflects the
possible existence of hydrocarbons in sufficient volume to warrant the drilling
and completion of a well in the Bakken formation, to drill and complete a well
in the Bakken formation;
(iii)
If the
test of the Bakken formation in the Tribal – Max 1– 2817 Well does not reflect
the possible existence of hydrocarbons in sufficient volume to warrant the
drilling and completion of a well in the Bakken formation, to drill and complete
two (2) additional horizontal wells in the upper and/or lower Cut Bank
formations;
(iv)
Reactivate
tank battery 29 and to put into production eight (8) additional wells in the
upper and/or lower Cut Bank formations; and
(v)
Cause
30,000 lb. diesel fracs to be performed on three (3) currently producing
wells.
Item
9.01. Financial Statements And Exhibits.
(c)
Exhibits
. The
following exhibit has been filed as a part of this Current Report:
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Exhibit
Number
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Description of Exhibit
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Purchase
and Sale Agreement dated April 9, 2010,
by and between Provident Energy
Associates of Montana, LLC, as Seller, and Knightwall Invest, Inc., as
Buyer
.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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ARKANOVA ENERGY
CORPORATION
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By:
/s/ Pierre
Mulacek
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Its:
Chief Executive
Officer
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DATED: April
9, 2010
EXHIBIT
INDEX
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Exhibit
Number
|
Description
|
|
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Purchase
and Sale Agreement dated April 9, 2010,
by and between Provident Energy
Associates of Montana, LLC, as Seller, and Knightwall Invest, Inc., as
Buyer
.
|
4
Arkanova Energy (CE) (USOTC:AKVA)
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Arkanova Energy (CE) (USOTC:AKVA)
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부터 2월(2) 2024 으로 2월(2) 2025
