ARKANOVA ENERGY, INC. 8150 NORTH CENTRAL EXPRESSWAY SUITE 1800 DALLAS, TEXAS 75206 July 24, 2006Oil and Gas Lease Acquisition and Development Agreement • March 7th, 2007 • Arkanova Energy Corp • Gold and silver ores • Texas
This letter (herein called the “Agreement”) constitutes the agreement between Arkanova Energy, Inc., a Delaware corporation (“AEI”), and David Griffin, an individual who is a resident of Phillips County, Arkansas (“Griffin”), concerning the acqusition by AEI from Griffin of oil and gas leases covering lands and minerals located in Phillips, Monroe and Desha Counties, Arkansas, and the development of the lands and minerals covered by said leases. The principal terms of the Agreement are as follows:
