It is possible that one of the companies from the 2nd Arkansas could have received a similar flag but the first reference to a regimental flag is a flag presented to the 2nd Arkansas Infantry on 14th June 1861, which was described as "a most elegant silk flag, fringed with silver and a circlet of eleven stars embroidered in floss" in the 'New Orleans True Delta'. It was probably a First National flag with a silver fringe.

Alan Thrower
England