AKVA Arkanova Energy Corporation (CE)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) November 1, 2014

ARKANOVA ENERGY CORPORATION
(Exact name of registrant as specified in its charter)

305 Camp Craft Road, Suite 525 Austin, TX 78746
(Address of principal executive offices and Zip Code)

(Registrant’s telephone number, including area code): (512) 222-0975

N/A
(Former name or former address, if changed since last report)

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:

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

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Item 1.01 Entry into a Material Definitive Agreement

The information required by this item is included under Item 2.03 of this Current Report on Form 8 K and is incorporated by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On November 1, 2014, our company and our wholly owned subsidiary, Arkanova Acquisition Corporation (“Acquisition Corp.”), entered into a note amendment agreement with Aton Select Funds Limited (“Aton”) to be effective November 1, 2014, whereby the parties agreed:

The Note will be deemed to be amended in all manners and respects related to the Additional Loan Amount, the Extension and the Interest Payment Amendment and, in all other respects, the Note will remain unchanged and in full force and effect.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ARKANOVA ENERGY CORPORATION

NOTE AMENDMENT AGREEMENT

            THIS NOTE AMENDMENT AGREEMENT (this “Agreement”) is made and entered into as of, but not necessarily on, the 1^st day of November, 2014 (the “Effective Date”), among Arkanova Energy Corporation, a Nevada corporation (the “Parent”), Arkanova Acquisition Corporation, a Nevada corporation and wholly-owned subsidiary of the Parent (the “Company”), and Aton Select Funds Limited (the “Investor”).

Background

            A.        The Company is currently indebted to the Investor in the principal amount of US$11,811,025.00 under that certain amended and restated secured promissory note from the Company to Investor entered into as of February 6, 2013, as amended November 15^th, 2013 (the “Note”);

            B.        The Company, Investor and the Parent have reached an agreement whereby:

            C.        The Company, the Parent and the Investor now desire to formalize the terms and conditions of the Extension, Amended Principal Amount and Interest Payment Amendment.

Terms and Conditions

            In consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

            1.        The Extension. At the Effective Date, the Investor shall extend the Note maturity date to December 31, 2016. The Extension shall be evidenced by this Agreement to be appended to the Note.

            2.        Amended Principal Amount. At the Effective Date, the Investor shall increase the outstanding balance of its loan to the Company under the Note from US$11,811,025.00 to US$14,963,861.40 (including the Added Interest) by wire transfer to the account of the Company at its bank in Austin, Texas, the Additional Loan Amount of US$2,475,000.00. The Amended Principal Amount shall be evidenced by this Agreement to be appended to the Note.

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            3.        Interest Payment Amendment. At the Effective Date, Section 4 of the Note with respect to payment of interest in shares of common stock of the Parent shall be deleted and Section 5 of the Note shall be amended accordingly, therefore, removing the ability to pay interest in shares of common stock of the Parent. The Interest Payment Amendment shall be evidenced by this Agreement to be appended to the Note.

            4.        General. The Note will be deemed to be amended in all manners and respects in order to give full force and effect to this Agreement and, in all other respects, the Note will remain unchanged and in full force and effect.

            5.        Counterparts. This Agreement may be executed in multiple counterparts and all counterparts taken together shall be deemed to constitute one and the same document. This Agreement may be executed and delivered by facsimile or electronic transmission.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

ARKANOVA ACQUISITION CORPORATION

ARKANOVA ENERGY CORPORATION

ATON SELECT FUNDS LIMITED

Arkanova Energy (CE) (USOTC:AKVA)
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