🕐05.10.09 - 08:18 Uhr
Kodiak Energy, Inc. and Subsidiary Cougar Energy, Inc. Announces Closing of Property Acquisition
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 Cougars 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:
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 Corporations 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.
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Copyright (c) 2009 KODIAK ENERGY INC.
(KDKN) All rights reserved.
For
more information visit our website at http://www.kodiakpetroleum.com/
or send mailto:
Message sent on Sun Oct 4, 2009 at 11:07:49 PM Pacific Time
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