Kodiak Energy, Inc. Announces Horn River Basin Update
16 Abril 2009 - 2:55PM
Marketwired
Kodiak Energy, Inc. (TSX VENTURE: KDK) (OTCBB: KDKN) ("Kodiak" or
the "Corporation") announces that its private subsidiary, Cougar
Energy, Inc. (Cougar), has reached a standard farmout and
participation agreement with Trivello Energy Corp. ("Trivello").
Trivello will be providing 90% of the funding for the first phase
of the "Lucy" Horn River Basin work program. Upon completion of the
funding, Trivello will have earned an additional 30% working
interest in the wells and property.
Cougar is a private subsidiary of Kodiak and will maintain
operator status and majority ownership of the project with the
management of Kodiak/Cougar overseeing the execution of the work
program. Upon Trivello fulfilling the project funding terms of the
farmout and participation agreement, Cougar's working interest in
the "Lucy" Horn River Basin project will be 50%, with Trivello at
40%, and other joint venture partner at 10%.
The a-79-A Lucy well was drilled and cased in Q1 2008. The test
results indicated an average to above average total organic
compound values of 3.68% with peaks of 5.7% and approximately 60
meters pay zone. It is intended that the first phase of the work
program be commenced after spring breakup, consisting of entering
the existing a-79-A vertical well bore, perforating the Muskwa/Evie
interval, performing a vertical shale gas fracture treatment,
testing and evaluating pressures and production. Based on
economics, it is expected that the well be equipped and tied in to
the existing pipeline located in the northwest corner of the lease.
The timing of the tie-in is estimated to be initiated prior to
winter 2009.
There is increased exploration, development, pipeline, and
facility construction within the Horn River Basin. Several industry
comparisons have been made that the Muskwa shale gas potential is
an analogue of the Barnett shale gas fields currently being
developed in Texas and Oklahoma. The oil and gas industry is
continuing their shale gas exploration and development programs in
the Horn River Basin and achieving positive results to validate
continued activity. Crown land sales by the Government of British
Columbia for 2008 exceeded a record value of over C$2 Billion. A
favorable royalty regime in the province of British Columbia, along
with government commitments to improve access to the Horn River
Basin area, presents a positive environment for advancing shale gas
exploration and development within the region.
Bill Tighe, President and CEO of Kodiak, states "We are very
pleased with the arrangement reached with Trivello, as it moves the
Lucy Horn River project forward while our private subsidiary,
Cougar, focuses on the CREEnergy project. We look forward to
working with Trivello on the Horn River project."
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 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 prospects are located
in the central Mackenzie River Valley of the Northwest Territories
and 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 located in north central Alberta. Additional information on
Kodiak is at http://www.kodiakpetroleum.com.
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.
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.
Contacts: Kodiak Energy, Inc. William Tighe President and CEO
(403) 262-8044 Email: info@kodiakpetroleum.com Website:
www.kodiakpetroleum.com
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