Document:

Arkanova Energy Corporation: Exhibit 10.3 - Filed by newsfilecorp.com

THIS INSTRUMENT RELATES TO AN OFFERING OF SECURITIES IN AN
OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN
REGULATION S UNDER THE 1933 ACT) PURSUANT TO REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). NONE OF THE
SECURITIES TO WHICH THIS INSTRUMENT RELATES HAVE BEEN REGISTERED UNDER THE 1933
ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS
(AS DEFINED HEREIN EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
WITH THE 1933 ACT.

	USD $8,315,000.00 	July 1, 2012 

ARKANOVA ACQUISITION CORPORATION

AMENDED & RESTATED SECURED PROMISSORY NOTE

     FOR VALUE RECEIVED, Arkanova
Acquisition Corporation, a corporation organized and existing under the laws
of the State of Nevada (the “Company”), promises to pay to Aton Select
Funds Limited, the registered holder hereof (the “Holder”), the
principal sum of US$8,315,000.00 on the Maturity Date (as defined below) and to
pay interest on the principal sum outstanding from time to time in arrears at
the rate of six percent (6.0 %) per annum (computed on the basis of the actual
number of days elapsed and a year of 365 days), accruing from the date of
initial issuance of this amended & restated secured promissory note (the
“Note”), until payment in full of the principal sum has been made or duly
provided for (whether before or after the Maturity Date). This Note is being
issued by the Company in exchange for the loan by the Holder to the Company of
an additional US$1,000,000.00 plus the cancellation of that certain secured
promissory note from the Company to Investor dated October 1, 2011, with a
currently outstanding amount of US$7,315,000.00. 

     This Note is also being issued
pursuant to the terms of an amended & restated note purchase agreement of
even date herewith (the “NPA”), to which the Company and the Holder (or
the Holder’s predecessor in interest) are parties. Capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the
NPA.

     This Note is subject to the following additional
provisions:

     1. Maturity Date. The term
“Maturity Date” means June 30, 2013. 

     2. Security. The payment
when due of this Note is secured by a pledge of all of the membership interests
in the Company’s wholly owned subsidiary, Provident Energy of Montana, LLC, a
Montana limited liability company, in accordance with the terms and conditions
of an amended & restated pledge agreement of even date herewith.

     3. Manner of Payments of
Principal. All payments of principal on this Note shall be made “in cash” in
immediately available good funds of United States of America currency by wire
transfer to an account designated in writing by the Holder to the Company
(which account may be changed by notice similarly given). For purposes of this
Note, the phrase “date of payment” means the date good funds are received in the
account designated by the notice which is then currently effective.

     4. Payment of Interest.
Interest on this Note shall be paid within ten (10) Business Days following the
Maturity Date in shares of common stock of Arkanova Energy Corporation, the
publicly traded parent corporation of the Company (“AEC”). The number of
shares of common stock of AEC payable as interest on the Note shall be
determined by dividing US$498,900 by the average stock price for AEC’s common
stock over the fifteen (15) Business Day period immediately preceding the
Maturity Date.

     5. Prepayment Provisions.
This Note may be prepaid in whole or in part at any time prior to the Maturity
Date, without penalty, so long as all accrued interest is paid in shares of
common stock AEC as determined in Section 4 above with the date of payment being
substituted for the Maturity Date in making the calculation of the number of
shares to be delivered to the Holder by the Company.

     6. Default. The Company
shall be in default hereunder if payment is not made by the end of the Holder’s
close of business on the tenth (10th) Business Day following the
Maturity Date.

     7. No Impairment; Direct
Obligation. Subject to the terms of the NPA, no provision of this Note shall
alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of, and interest on, this Note at the time,
place, and rate, and in the coin or currency, as herein prescribed. This Note is
a direct obligation of the Company.

     8. Limited Recourse. No
recourse shall be had for the payment of the principal of, or the interest on,
this Note, or for any claim based hereon, or otherwise in respect hereof,
against any incorporator, shareholder, officer or director, as such, past,
present or future, of the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

     9. Restrictions on Resale.
The Holder of the Note, by acceptance hereof, agrees that this Note is being
acquired for investment and that such Holder will not offer, sell or otherwise
dispose of this Note except under circumstances which will not result in a
violation of the Securities Act of 1933, as amended, or any applicable
state blue sky or foreign laws or similar laws relating to the sale of
securities.

     10. Notices. Any notice
given by any party to the other with respect to this Note shall be given in the
manner contemplated by the NPA in the Section entitled “Notices.”

     11. Applicable Laws. This
Note shall be governed by and construed in accordance with the laws of the State
of Texas. Each of the parties consents to the exclusive jurisdiction of the
Courts of the State of Texas in connection with any dispute arising under this
Note and hereby waives, to the maximum extent permitted by law, any objection,
including any objection based on forum non coveniens, to the bringing of
any such proceeding in such jurisdictions. To the extent determined by such
court, the Company shall reimburse the Holder for any reasonable legal fees and
disbursements incurred by the Holder in enforcement of or protection of any of
its rights under any of this Note.

     12. Jury Trial Waiver. The
Company and the Holder hereby waive a trial by jury in any action, proceeding or
counterclaim brought by either of the Parties hereto against the other in
respect of any matter arising out of or in connection with this Note.

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     13. Events of Default. Each of he following shall
constitute an “Event of Default”:

     (a)
Default in Payment. The Company shall default in the payment of principal
or interest on this Note or any other amount due; or

     (b)
Breach of Representation or Warranty. Any of the representations or
warranties made by the Company herein, in the NPA or any of the other
Transaction Documents shall be false or misleading in any material respect at
the time made; or

     (c)
Change of Management. The occurrence of any event which results in the
current executive officers of the Company no longer serving in their respective
current capacities with the Company; or

     (d)
Assignment for Creditors. The Company shall (i) make an assignment for
the benefit of creditors or commence proceedings for its dissolution; or (ii)
apply for or consent to the appointment of a trustee, liquidator or receiver for
its or for a substantial part of its property or business; or

     (e)
Appointment of Trustee. A trustee, liquidator or receiver shall be
appointed for the Company or for a substantial part of its property or business
without its consent; or

     (f)
Court Control. Any governmental agency or any court of competent
jurisdiction at the instance of any governmental agency shall assume custody or
control of the whole or any substantial portion of the properties or assets of
the Company; or

     (g)
Bankruptcy Proceedings. Bankruptcy, reorganization, insolvency or
liquidation proceedings or other proceedings for relief under any bankruptcy law
or any law for the relief of debtors shall be instituted by or against the
Company.

     If an Event of Default shall have
occurred, then, or at any time thereafter, and in each and every such case,
unless such Event of Default shall have been waived in writing by the Holder
(which waiver shall not be deemed to be a waiver of any subsequent default) at
the option of the Holder and in the Holder’s sole discretion, the Holder may
consider this Note immediately due and payable (and the Maturity Date shall be
accelerated accordingly), without presentment, demand, protest or notice of any
kinds, all of which are hereby expressly waived, anything herein or in any note
or other instruments contained to the contrary notwithstanding, and interest
shall accrue on the total amount due (the “Default Amount”) on the date
of the Event of Default (the “Default Date”) at the rate of 12% per annum
or the maximum rate allowed by law, whichever is lower, from the Default Date
until the date payment is made, and the Holder may immediately enforce any and
all of the Holder’s rights and remedies provided herein or any other rights or
remedies afforded by law.

     14. Covenants of the
Company. The Company covenants and agrees that, so long as any principal of,
or interest on, this Note shall remain unpaid, unless the Holder shall otherwise
consent in writing, it will comply with the following terms:

     (a)
Reporting Requirements. The Company will furnish to the Holder or make
publicly available:

     (i) as
soon as possible, and in any event within ten (10) days after obtaining
knowledge of the occurrence of (A) an Event of Default, (B) an event which, with
the giving of notice or the lapse of time or both, would constitute an Event of
Default, or (C) a material adverse change in the condition or operations, financial or otherwise, of the Company, taken as whole, the written statement of the Chief Executive Officer or the Chief Financial Officer of the Company, setting forth the details of such Event of Default, event or material adverse change; and

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     (ii)
promptly after the commencement thereof, notice of each action, suit or
proceeding before any court or other governmental authority or other regulatory
body or any arbitrator as to which there is a reasonable possibility of a
determination that would (A) materially impact the ability of the Company to
conduct its business, (B) materially and adversely affect the business,
operations or financial condition of the Company, or (C) impair the validity or
enforceability of the Note or the ability of the Company to perform their
obligations under the Note.

     (b)
Compliance with Laws. The Company will comply, in all material respects
with all applicable laws, rules, regulations and orders, except to the extent
that noncompliance would not have a Material Adverse Effect upon the business,
operations or financial condition of the Company taken as a whole.

     (c)
Preservation of Existence. The Company will maintain and preserve its
existence.

     (d)
Maintenance of Properties. The Company will maintain and preserve all of
its material properties which are necessary in the proper conduct of its
business in good working order and condition, ordinary wear and tear excepted,
and comply, at all times with the provisions of all material leases (including
oil and gas leases) to which it is a party as lessee or under which it occupies
property, so as to prevent any material forfeiture or material loss thereof
thereunder.

     (e)
Maintenance of Insurance. The Company will maintain, with responsible and
reputable insurers, insurance with respect to its properties and business, in
such amounts and covering such risks, as is carried generally in accordance with
sound business practice by companies in similar businesses in the same
localities in which the Company is situated.

     (f)
Keeping of Records and Books of Account. The Company will keep adequate
records and books of account, with complete entries made in accordance with
generally accepted accounting principles, reflecting all of its financial and
other business transactions.

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     15. Qualification. In the
event for any reason, any payment by or act of the Company or the Holder shall
result in payment of interest which would exceed the limit authorized by or be
in violation of the law of the jurisdiction applicable to this Note, then
ipso facto the obligation of the Company to pay interest or perform such
act or requirement shall be reduced to the limit authorized under such law, so
that in no event shall the Company be obligated to pay any such interest,
perform any such act or be bound by any requirement which would result in the
payment of interest in excess of the limit so authorized. In the event any
payment by or act of the Company shall result in the extraction of a rate of
interest in excess of a sum which is lawfully collectible as interest, then such
amount (to the extent of such excess not returned to the Company) shall, without
further agreement or notice between or by the Company or the Holder, be deemed
applied to the payment of principal, if any, hereunder immediately upon receipt
of such excess funds by the Holder, with the same force and effect as though the
Company had specifically designated such sums to be so applied to principal and
the Holder had agreed to accept such sums as an interest-free prepayment of this
Note. If any part of such excess remains after the principal has been paid in
full, whether by the provisions of the preceding sentences of this Section or
otherwise, such excess shall be deemed to be an interest-free loan from the
Company to the Holder, which loan shall be payable immediately upon demand by
the Company. The provisions of this Section shall control every other provision
of this Note.

Signature

     To evidence the binding effect of
the foregoing provisions, the Company has caused this instrument to be duly
executed by an officer thereunto duly authorized as of, but not necessarily on,
the date first above written.

	 	ARKANOVA ACQUISITION
      CORPORATION 
	 	 	  
	 	 	  
	 	 	  
	 	 	  
	 	By:	/s/Pierre Mulacek 
	 	 	Pierre Mulacek, President 

5Arkanova Energy Corporation: Exhibit 10.4 - Filed by newsfilecorp.com

THIS AGREEMENT RELATES TO AN OFFERING OF SECURITIES IN AN
OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN
REGULATION S UNDER THE 1933 ACT) PURSUANT TO REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). NONE OF THE
SECURITIES TO WHICH THIS AGREEMENT RELATES HAVE BEEN REGISTERED UNDER THE 1933
ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS
(AS DEFINED HEREIN EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
WITH THE 1933 ACT.

AMENDED & RESTATED GUARANTY AGREEMENT

     THIS AMENDED & RESTATED
GUARANTY AGREEMENT (this “Guaranty”) is made and entered into as of,
but not necessarily on, the 1st day of July, 2012, and between Arkanova
Energy Corporation. a Nevada corporation (“Guarantor”),and Aton
Select Funds Limited (the “Investor”)

Background

     A. On even date herewith Arkanova
Acquisition Corporation, a Nevada corporation and a wholly-owned subsidiary of
Guarantor, Arkanova Acquisition Corp. (“Maker”), and the Investor
(“Payee”), consummated the sale by Maker and the purchase by Payee of
certain secured indebtedness of Maker (the “Indebtedness”), and to
evidence the obligation of Maker to pay the Indebtedness Maker executed and
delivered to Payee that certain amended & restated secured promissory note
(the “Note”) evidencing Maker’s obligation to pay to Payee the principal
and interest set forth therein; and

     B. As a material inducement to
Payee purchase the Indebtedness and accept the Note as evidence of Maker’s
obligation to pay for same, Guarantor, being the sole shareholder of Maker, has
agreed to guarantee the payment of the indebtedness evidenced by the Note and
the performance of the obligations of Maker under the Note pursuant to the terms
and conditions set forth herein;

Terms and Conditions

     In consideration of the mutual
benefits to be derived from the covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, hereby agree as follows:

     1. Guarantee of Maker’s
Obligations. Guarantor, as primary obligor and not merely as surety and
intending to be legally bound hereby, hereby absolutely, irrevocably,
unequivocally and unconditionally, guarantees to Payee the due, prompt and
faithful performance of, compliance with and execution of all of the terms, provisions, conditions,
covenants, warranties, obligations and agreements of Maker contained in,
described in or pursuant to the Note and this Guaranty, including the prompt and
full payment of all indebtedness of Maker to Payee arising pursuant to the Note
and all renewals and extensions thereof, now existing or hereafter arising
pursuant to the Note (the “Guaranteed Obligations”). In the event of
default by Maker in payment or performance of the indebtedness evidenced by the
Note, or any part thereof, when such indebtedness or other obligations become
due, whether by maturity, prepayment or by acceleration, Guarantor shall, on
demand and without further notice of dishonor, pay the amount due thereon to
Payee. In the event of such payment is made by Guarantor, then Guarantor shall
be subrogated to the rights then held by Payee with respect to the Guaranteed
Obligations to the extent to which the Guaranteed Obligations were discharged by
Guarantor. Upon payment by Guarantor of any sums to Payee hereunder, all rights
of Guarantor against Maker arising as a result therefrom by way of right of
subrogation or otherwise, shall in all respects be subordinate and junior in
right of payment to the prior indefeasible payment in full of all the
obligations of Maker to Payee under the Note. This Guaranty shall be irrevocable
by Guarantor until all of the Guaranteed Obligations have been finally,
completely and indefeasibly paid in full and completely performed.

     2. Nondischargeability of
Guaranty. Guarantor hereby agrees that Guarantor’s obligations under the
terms of this Guaranty shall not be released, diminished, impaired, modified,
affected or limited in any manner whatsoever by the occurrence of any reason or
event, including without limitation, one or more of the following events: (a)
the taking or accepting of any other security for any or all of the Guaranteed
Obligations; (b) any indulgence, compromise, settlement or release which may be
extended by Payee to Maker, Guarantor or any one or more other parties liable in
whole or in part for the Guaranteed Obligations for such consideration as Payee
may deem proper; (c) the lack of corporate power of Maker, the insolvency or
bankruptcy of Maker, or any party at any time liable for the payment of any or
all of the Guaranteed Obligations, whether now existing or hereafter occurring;
(d) any renewal, extension, and/or rearrangement of the payment of any or all of
the Guaranteed Obligations with or without notice to or consent of Guarantor;
(e) any neglect, delay, omissions, failure, or refusal of Payee to take or
prosecute any action for the collection of any of the Guaranteed Obligations or
to foreclose or take or prosecute any action in connection with any instrument
or agreement evidencing or securing all or any part of the Guaranteed
Obligations; (f) the enforceability of all or any part of the Guaranteed
Obligations against Maker by reason of the fact that the Guaranteed Obligations
exceed the amount permitted by law, the act of creating the Guaranteed
Obligations, or any part thereof, is ultra vires, or the officers creating same
acted in excess of their authority; (g) any payment by Maker to Payee is held to
constitute a preference under the bankruptcy laws or if for any other reason
Payee is required to refund such payment or pay the amount thereof to someone
else; or (h) any impairment, modification, change, release or limitation of the
liability of Maker or Guarantor, or of any remedy for the enforcement thereof,
resulting from the operation of any present or future provision of the Federal
Bankruptcy Code or any similar law or statute of the United States or the State
of Texas.

     3. No Setoff. The
obligations, guaranties, covenants, agreements and duties of Guarantor under
this Guaranty are primary obligations of Guarantor and shall not be subject to
any counterclaim, setoff, deduction, diminution, abatement, recoupment,
suspension, deferment, reduction or defense based upon any claim that Maker,
Guarantor or any other person or entity may have against Payee. The obligations
of Guarantor set forth herein constitute recourse obligations of Guarantor
enforceable against Guarantor to the full extent of Guarantor’s assets and
properties.

     4. Continuation of
Guaranty. Guarantor covenants that this Guaranty will not be discharged
except by complete performance of the Guaranteed Obligations contained in this
Guaranty. This Guaranty shall not be affected by, and shall remain in full force
and effect notwithstanding, any bankruptcy, insolvency, liquidation, or
reorganization of Maker or Guarantor.

2

     5. Reliance on Guaranty.
Guarantor recognizes that Payee is relying upon this Guaranty and the
undertakings of Guarantor hereunder in purchasing the Indebtedness and accepting
the Note in connection therewith, and Guarantor further recognizes that the
execution and delivery of this Guaranty is a material inducement to Payee in
purchasing the Indebtedness and accepting the Note as evidence of Maker’s
obligation to pay for same in accordance with the terms of the Note.

     6. Payments under
Guaranty. All amounts to be payable under this Guaranty shall be payable at
the address of Payee set forth in the Note or at such other address as Payee may
from time to time designate in writing.

     7. Representations of
Guarantor. Guarantor hereby represents, warrants and covenants to Payee as
follows:

     (a)
Authorization. Guarantor has all requisite corporate power and authority
to execute, deliver and perform this Guaranty. The Guaranty constitutes the
valid and binding obligation of Guarantor, enforceable against Guarantor in
accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, moratorium, reorganization or other laws or equitable principles
relating to or affecting creditors' rights generally.

     (b)
Benefit to Guarantor. Guarantor has derived, or expects to derive,
financial and other advantage and benefit, directly or indirectly, from the
consummation of the transactions contemplated by the Note and the making of this
Guaranty.

     8. Waiver. Guarantor
hereby waives notice to Guarantor of the acceptance of this Guaranty, and of any
default on the part of Maker of Maker’s obligations under the Note to Payee, and
all other notices in connection herewith or in connection with the liabilities,
obligations and duties guaranteed hereby. Guarantor further waives diligence,
presentment and suit on part of Payee in the enforcement of any liability,
obligation or duty guaranteed by Guarantor hereunder.

     9. Enforcement of
Guaranty. Guarantor agrees that Payee shall not be first required to enforce
against Maker or any other person any liability, obligation or duty guaranteed
hereby before seeking enforcement thereof against Guarantor. Suit may be brought
and maintained against Guarantor by Payee to enforce any liability, obligation
or duty guaranteed hereby without joinder of Maker or any other party or without
Payee first exhausting Payee’s remedies against Maker or without Payee first
exhausting Payee’s rights against any security which shall ever have been given
to Payee to secure the payment or performance of the Guaranteed Obligations.

     10. Payment of Expenses and
Attorneys’ Fees. Guarantor agrees to pay, on demand, and to save Payee
harmless against liability for, any and all costs and expenses (including
reasonable fees and disbursements of counsel) incurred or expended by Payee in
connection with the enforcement of or preservation of any rights under this
Guaranty. 

     11. Governing Law. THIS
GUARANTY IS MADE, ENTERED INTO AND PERFORMABLE IN HARRIS COUNTY, TEXAS, AND ALL
PAYMENTS ARE DUE AND PAYABLE IN TRAVIS COUNTY, TEXAS. CONSEQUENTLY, THIS
GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF TEXAS WITHOUT REGARD TO ITS CONFLICTS OF LAW RULES AND ANY LITIGATION
OR OTHER PROCEEDING AS BETWEEN GUARANTOR AND PAYEE THAT MAY BE BROUGHT, OR ARISE
OUT OF, IN CONNECTION WITH OR BY REASON OF THIS GUARANTY SHALL BE BROUGHT IN THE
APPLICABLE FEDERAL OR STATE COURT IN AND FOR HARRIS COUNTY, TEXAS WHICH COURTS SHALL BE THE EXCLUSIVE COURTS OF
JURISDICTION AND VENUE.

3

     12. Termination of
Guaranty. This Guaranty shall terminate and be of no further force or effect
upon the payment of the Guaranteed Obligations in full.

     13. Reformation and
Severability. If any provision of this Guaranty is held to be illegal,
invalid or unenforceable under present or future laws effective during the term
hereof (i) in lieu of such illegal, invalid or unenforceable provision, there
shall be added automatically as a part of this Guaranty a provision as similar
in terms to such illegal, invalid or unenforceable provision as may be possible
and be legal, valid and enforceable, and (ii) the legality, validity and
enforceability of the remaining provisions hereof shall not in any way be
affected or impaired thereby.

     14. Successors and
Assigns. This Guaranty shall be binding upon Guarantor and its heirs,
personal representatives, successors and permitted assigns. Guarantor may not
assign or transfer any of Guarantor’s rights or obligations hereunder without
the prior written consent of Payee. In the event of an assignment by Payee of
its rights or interest in the Guaranteed Obligations including the Note, or any
part thereof, the rights and benefits hereunder, to the extent applicable to the
indebtedness so assigned shall automatically pass with a transfer or assignment
of the Note or any interest therein to any holder thereof.

     15. Entire Agreement. This
Guaranty embodies the final, entire agreement of Guarantor with respect to the
subject matter hereof and supersedes any and all prior or contemporaneous
agreements, representations and understandings, whether written or oral,
relating to this Guaranty.

     16. Effect on Prior
Guaranty. This Guaranty replaces that certain Guaranty issued by Guarantor
to Investor entered into as of October 1, 2009, which the parties hereby agree
is cancelled and of no further force or effect.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

4

Guarantor Signature

     To evidence the binding effect of
the foregoing terms, Guarantor has executed and delivered this Guaranty as of,
but not necessarily on, the date first above written.

ARKANOVA ENERGY CORPORATION

	 By: 	/s/Pierre Mulacek 	 
	 	Pierre Mulacek, President 	 

ACCEPTED:

ATON SELECT FUNDS LIMITED

	 By: 	/s/David Dawes 	 
	 	David Dawes 	 
	 	Director 	 

5

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