EX-99.1
2
kdkn8k20090930ex99-1.htm
FIRST PRESS RELEASE DATED OCTOBER 5, 2009
kdkn8k20090930ex99-1.htm
EXHIBIT
99.1
CALGARY,
ALBERTA -- October 5, 2009 -- Kodiak Energy, Inc. (TSX-V: KDK and OTCBB:
KDKN.OB) ("Kodiak" or the "Corporation) announces that its majority controlled
subsidiary, Cougar Energy, Inc. (Cougar), has closed the property acquisition
previously announced on August 11, 2009 consisting of wells, facilities and
production from a private company with operations in and adjacent to the
CREEnergy project. Additional information on the property acquisition
is on our website at
http://www.kodiakpetroleum.com/s/AdditionalProjects.asp
The
acquisition adds 2 producing wells, 4 suspended wells, and associated production
facilities. The existing wells and reserves are located in the Kidney
and Equisetum fields. Current gross production is approximately 20
barrels of oil per day. Based on the April 1, 2009 engineering report
provided by the private company, the estimated Proved and Probable oil reserves
are CAD$459,000 (net present value - 10%). Cougar will update the
reserve report information as soon as possible.
This
acquisition is funded with CAD$100,000 cash paid in installments over 18 months
and the issuance of 155,000 common shares of Cougar at CAD$1.30 to the private
company. The shares are subject to a two year escrow
agreement.
Mr. Bill
Tighe, CEO of Cougar, states, "We are excited about closing this acquisition and
it is a strategic step for Cougar being able to commence active development in
this core area, achieve timely production and cash flow. We have
already started to advance our plan to build upon overall area production,
infrastructure; provide substantial upside in workovers, secondary developments
and drilling; along with the required financing. Cougar will be
actively working this fall and winter to maximize those opportunities and
increase production and thus revenue".
The
issuance of shares is subject to final approval of the TSX Venture
Exchange.
The
Corporation also announces that Cougar's working interest partner in the Lucy
project was unable to complete the financing to the agreement
previously announced on April 16, 2009. As default payment,
Cougar has accepted the transfer of the Alexander and Crossfield producing
properties. The properties have an estimated average production of 15
barrels of oil equivalent per day. Cougar will update the reserve
report information as soon as possible.
About
Cougar:
Cougar
Energy, Inc. is based in Calgary, Alberta Canada and a privately held subsidiary
of parent company, Kodiak Energy, Inc. The focus is on the exploration and
development of Canadian based onshore oil and gas properties. The current
projects are Lucy in the Horn River Basin in northeast British Columbia and
CREEnergy Joint Venture and area projects located in north central Alberta.
Additional information on the "Lucy" and CREEnergy projects are available at
http://www.cougarenergyinc.com
About
Kodiak:
Kodiak
Energy, Inc. is a Calgary, Alberta, Canada based publicly traded oil and gas
exploration and development company focused on developing and exploring onshore
oil, gas and CO2 properties within North America. Our main prospect is located
in the northeast New Mexico. Through our private subsidiary, Cougar Energy,
Inc., we are developing the projects of Lucy in the Horn River Basin in
northeast British Columbia and CREEnergy Joint Venture and area projects located
in north central Alberta. Additional information on Kodiak is at
http://www.kodiakpetroleum.com
For
further information:
Wm (Bill)
S. Tighe
President
and CEO
Kodiak
Energy, Inc.
+1(403)
262-8044
e-mail:
info@kodiakpetroleum.com
http://www.kodiakpetroleum.com
http://www.cougarenergyinc.com
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-looking
Statements: This press release contains forward-looking statements. The words or
phrases "would be", "will" "intends to", "will likely result", "are expected
to", "will continue", "is anticipated", "estimate", or similar expressions are
intended to identify "forward-looking statements". The Corporation's business is
subject to various other risks and uncertainties, which may be described in its
corporate filings (
www.sec.gov
and
www.sedar.com
).
Statements made herein are as of the date of this press release and should not
be relied upon as of any subsequent date. The Corporation cautions readers not
to place reliance on such statements. Kodiak undertakes no obligation to update
or publicly revise forward looking statements or information unless so required
by applicable securities laws.
=======================================================================
Copyright
(c) 2009 KODIAK ENERGY INC. (KDKN) All rights
reserved. For more information
visit our
website at
http://www.kodiakpetroleum.com/
or send
mailto:info@kodiakpetroleum.com
Message
sent on Sun Oct 4, 2009 at 11:07:49 PM Pacific Time
=======================================================================

EX - 99 . 1 2 kdkn8k20090930ex99 - 1 . htm FIRST PRESS RELEASE DATED OCTOBER 5 , 2009 kdkn8k20090930ex99 - 1 . htm EXHIBIT 99 . 1 CALGARY , ALBERTA -- October 5 , 2009 -- Kodiak Energy , Inc . ( TSX - V : KDK and OTCBB : KDKN . OB ) ( " Kodiak " or the " Corporation ) announces that its majority controlled subsidiary , Cougar Energy , Inc . ( Cougar ) , has closed the property acquisition previously announced on August 11 , 2009 consisting of wells , facilities and production from a private company with operations in and adjacent to the CREEnergy project . Additional information on the property acquisition is on our website at http://www.kodiakpetroleum.com/s/AdditionalProjects.asp The acquisition adds 2 producing wells , 4 suspended wells , and associated production facilities . The existing wells and reserves are located in the Kidney and Equisetum fields . Current gross production is approximately 20 barrels of oil per day . Based on the April 1 , 2009 engineering report provided by the private company , the estimated Proved and Probable oil reserves are CAD $ 459,000 ( net present value - 10 % ) . Cougar will update the reserve report information as soon as possible . This acquisition is funded with CAD $ 100,000 cash paid in installments over 18 months and the issuance of 155,000 common shares of Cougar at CAD $ 1.30 to the private company . The shares are subject to a two year escrow agreement . Mr . Bill Tighe , CEO of Cougar , states , " We are excited about closing this acquisition and it is a strategic step for Cougar being able to commence active development in this core area , achieve timely production and cash flow . We have already started to advance our plan to build upon overall area production , infrastructure ; provide substantial upside in workovers , secondary developments and drilling ; along with the required financing . Cougar will be actively working this fall and winter to maximize those opportunities and increase production and thus revenue " . The issuance of shares is subject to final approval of the TSX Venture Exchange . The Corporation also announces that Cougar ' s working interest partner in the Lucy project was unable to complete the financing to the agreement previously announced on April 16 , 2009 . As default payment , Cougar has accepted the transfer of the Alexander and Crossfield producing properties . The properties have an estimated average production of 15 barrels of oil equivalent per day . Cougar will update the reserve report information as soon as possible . About Cougar : Cougar Energy , Inc . is based in Calgary , Alberta Canada and a privately held subsidiary of parent company , Kodiak Energy , Inc . The focus is on the exploration and development of Canadian based onshore oil and gas properties . The current projects are Lucy in the Horn River Basin in northeast British Columbia and CREEnergy Joint Venture and area projects located in north central Alberta . Additional information on the " Lucy " and CREEnergy projects are available at http://www.cougarenergyinc.com About Kodiak : Kodiak Energy , Inc . is a Calgary , Alberta , Canada based publicly traded oil and gas exploration and development company focused on developing and exploring onshore oil , gas and CO2 properties within North America . Our main prospect is located in the northeast New Mexico . Through our private subsidiary , Cougar Energy , Inc . , we are developing the projects of Lucy in the Horn River Basin in northeast British Columbia and CREEnergy Joint Venture and area projects located in north central Alberta . Additional information on Kodiak is at http://www.kodiakpetroleum.com For further information : Wm ( Bill ) S . Tighe President and CEO Kodiak Energy , Inc . + 1 ( 403 ) 262 - 8044 e - mail : info@kodiakpetroleum.com http://www.kodiakpetroleum.com http://www.cougarenergyinc.com Neither TSX Venture Exchange nor its Regulation Services Provider ( as that term is defined in the policies of the TSX Venture Exchange ) accepts responsibility for the adequacy or accuracy of this release . Forward - looking Statements : This press release contains forward - looking statements . The words or phrases " would be " , " will " " intends to " , " will likely result " , " are expected to " , " will continue " , " is anticipated " , " estimate " , or similar expressions are intended to identify " forward - looking statements " . The Corporation 's business is subject to various other risks and uncertainties , which may be described in its corporate filings ( www.sec.gov and www.sedar.com ) . Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date . The Corporation cautions readers not to place reliance on such statements . Kodiak undertakes no obligation to update or publicly revise forward looking statements or information unless so required by applicable securities laws . = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Copyright ( c ) 2009 KODIAK ENERGY INC . ( KDKN ) All rights reserved . For more information visit our website at http://www.kodiakpetroleum.com/ or send mailto : info@kodiakpetroleum.com Message sent on Sun Oct 4 , 2009 at 11 : 07 : 49 PM Pacific Time = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =