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Arkanova Energy (NASDAQ:AKVA) CEO Pierre Georges Mulacek purchased 1,000,000 shares of the company’s stock on the open market in a transaction dated Friday, August 29th. The stock was purchased at an average cost of $0.05 per share, with a total value of $50,000.00. Following the acquisition, the chief executive officer now directly owns 4,587,500 shares of the company’s stock, valued at approximately $229,375. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Shares of Arkanova Energy (NASDAQ:AKVA) remained flat at $0.0425 during during mid-day trading trading on Thursday. Arkanova Energy has a 52-week low of $0.02 and a 52-week high of $0.07. The stock has a 50-day moving average of $0.03 and a 200-day moving average of $0.03. The company’s market cap is $2.3 million.

Arkanova Energy Corporation (NASDAQ:AKVA) is a junior producing oil and gas company and is also engaged in the acquisition, exploration and development of prospective oil and gas properties.

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