According to The Falags of Civil War Arkansas, it was William Wade's First Missouri Battery that recovered the colors of Rector's 17th Arkansas.

Dedmondt, Glenn "The Flags Of Civil War Arkansas", (Pelican Publishing Co., 2009). ISBN 978-1-58980-190-5, Page 63

According to Dedmondt, the flag was a St Andrews Cross in the style of the Army of Northern Virgina, which would seem very out of place on a western battlefield in the Winter of 1862, but that may be explained by the fact that General Cabell explained that the flag was made by his wife in Richmond Virgina, and sent to Rector who was her cousin.