Kodiak Energy, Inc. Subsidiary Cougar Energy Inc. Provides Update to CREEnergy Exclusivity Contract
14 Julio 2009 - 1:01AM
Marketwired
Kodiak Energy, Inc. (TSX VENTURE: KDK)(OTCBB: KDKN) ("Kodiak" or
the "Corporation) announces that its majority controlled private
subsidiary, Cougar Energy, Inc., has funded and completed the
requirements of the "exclusivity contract" of the CREEnergy Oil and
Gas Inc. agreement announced on December 1, 2008. Information on
the CREEnergy project is located at http://www.cougarenergyinc.com.
The agreement provides for an "exclusivity contract" with
CREEnergy for oil and gas properties for up to 15 townships or
345,000 gross acres of mineral rights in north central Alberta,
Canada. The initial leases, as outlined in the agreement, are for
mineral rights on a total of 46,000 gross acres for a lease term of
10 years. As the project moves forward, additional leases will be
identified and added to the joint venture.
Cougar is working with CREEnergy to identify, prioritize and
nominate the first mineral rights that will be leased, and
finalizing the initial development plans for the fall/winter of
2009, which will include the evaluation of 4 to 6 high priority
targets. The development plans will include the areas to be leased
from CREEnergy and the additional mineral rights acquired in the
farmin announced on June 9, 2009.
Bill Tighe, CEO of Cougar, states, "We are pleased with the
completion of this critical milestone in our agreements with
CREEnergy and look forward to the ongoing development of this
agreement, which will continue with the leasing of the initial
mineral rights."
These mineral leases and the general area have industry
recognized production potential for light sweet crude oil and sweet
natural gas. Adjoining mineral leases have low operating costs of
approximately C$25.00 per barrel resulting in profitable net backs,
even at the current, low commodity prices. A key example of the
production potential would be the Trout and Senex Keg River oil
pools that have yielded as much as 1.5 million barrels cumulative
production per pool, or the Granite Wash oil pools with as much as
2 million barrels cumulative production per pool.
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 CREEnergy Joint Venture and area
located in north central Alberta and Lucy in the Horn River Basin
located in northeast British Columbia. Additional information on
Kodiak is at http://www.kodiakpetroleum.com.
About Cougar:
Cougar Energy, Inc. is based in Calgary, Alberta, Canada and is
a privately held subsidiary of parent company, Kodiak Energy, Inc.
The company's focus is on the exploration and development of
Canadian based onshore oil and gas properties. The current projects
are the CREEnergy Joint Venture and area located in north central
Alberta and Lucy, Horn River Basin located in northeast British
Columbia. Additional information on the CREEnergy and area projects
and Lucy project and are available at
http://www.cougarenergyinc.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 Kodiak's 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: Cougar Energy, Inc. William Tighe Chief Executive
Officer +1(403) 262-8044 Email: info@kodiakpetroleum.com
www.cougarenergyinc.com or www.kodiakpetroleum.com
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