EX-99.2
3
kdkn8k20090930ex99-2.htm
SECOND PRESS RELEASE DATED OCTOBER 5, 2009
kdkn8k20090930ex99-2.htm
EXHIBIT
99.2
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 25, 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 of 11 producing wells, 21 suspended wells, and associated
production, water disposal and pipeline facilities has a total purchase price of
CAD$6,000,000 and is funded with cash and debt. The existing wells
and reserves are located in the Trout field. Current gross production
is approximately 170 barrels of oil per day. Based on the June 30,
2009 independent look ahead engineering report provided by the private company,
the estimated Proved and Probable oil reserves are approximately CAD$7,250,000
(Net Present Value 10% discount). Cougar intends on updating the
respective reserve report information on these acquisitions prior as soon as
possible.
The cash
portion of the acquisition cost was provided by Kodiak under the terms of a
credit agreement ("Credit Agreement") with Ionic Capital Corp. ("Ionic"). The
Credit Agreement provides for a bridge loan to Kodiak on behalf of Cougar in the
amount of CAD$1,350,000 at an interest rate of 12% per annum and issuance of
383,188 restricted common shares of Kodiak based on the 10 day weighted average
at market close price on September 25, 2009, less 10% discount to
market.
Mr. Bill
Tighe, CEO of Cougar, states, "We are excited about closing this acquisition and
related financing. This 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
acquisition and related financing agreement is subject to final approval of the
TSX Venture Exchange and any other necessary regulatory
requirements.
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 Mon Oct 5, 2009 at 8:00:57 AM Pacific Time
=======================================================================

EX - 99 . 2 3 kdkn8k20090930ex99 - 2 . htm SECOND PRESS RELEASE DATED OCTOBER 5 , 2009 kdkn8k20090930ex99 - 2 . htm EXHIBIT 99 . 2 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 25 , 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 of 11 producing wells , 21 suspended wells , and associated production , water disposal and pipeline facilities has a total purchase price of CAD $ 6,000,000 and is funded with cash and debt . The existing wells and reserves are located in the Trout field . Current gross production is approximately 170 barrels of oil per day . Based on the June 30 , 2009 independent look ahead engineering report provided by the private company , the estimated Proved and Probable oil reserves are approximately CAD $ 7,250,000 ( Net Present Value 10 % discount ) . Cougar intends on updating the respective reserve report information on these acquisitions prior as soon as possible . The cash portion of the acquisition cost was provided by Kodiak under the terms of a credit agreement ( " Credit Agreement " ) with Ionic Capital Corp . ( " Ionic " ) . The Credit Agreement provides for a bridge loan to Kodiak on behalf of Cougar in the amount of CAD $ 1,350,000 at an interest rate of 12 % per annum and issuance of 383,188 restricted common shares of Kodiak based on the 10 day weighted average at market close price on September 25 , 2009 , less 10 % discount to market . Mr . Bill Tighe , CEO of Cougar , states , " We are excited about closing this acquisition and related financing . This 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 acquisition and related financing agreement is subject to final approval of the TSX Venture Exchange and any other necessary regulatory requirements . 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 Mon Oct 5 , 2009 at 8 : 00 : 57 AM Pacific Time = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =