Arkanova Energy Corporation explores and develops oil and gas properties in the United States. It has developed various projects in Arkansas, Colorado and Montana. The company has acquired a working interest in more than 43,000 mineral acres in the Fayetteville Shale area of Phillips and Monroe counties in Arkansas. Arkanova Energy Corporation has also undertaken the Paradox Basin project, which covers over 14,000 square miles within the Colorado Plateau in southwestern Colorado and southeastern Utah. The company has additionally completed the Two Medicine Cut Bank Sand Unit (TMCBSU) prospect, which is an oil and natural gas resource that is located in Montana.