Authorities found the small, flat bottom aluminum boat upside down in Noble Lake located off Noble Lake Road/US Highway 65 around 4:00 p.m. Saturday.
When the boat was retrieved from the lake, authorities said an ice chest was found but no people.
Deputies believed the vessel may have been occupied and initiated a search for victims.
An investigation into the boat's current owner led them to Justin Holstead, 33, of Star City.
Holstead stated he and a friend were fishing in the lake when suddenly the boat capsized, resulting in him and his partner being ejected.
Holstead stated that he and his partner were able to swim to the bank and retrieve their truck.
According to Holstead, he along with his partner witnessed to boat sink completely making recovery impossible.
However, when deputies arrived the boat was floating upside down.
He was towed and a hold was placed on the vessel by deputies pending the investigation.