Kodiak Energy, Inc. Subsidiary Cougar Energy, Inc. Announces Additional Acquisition
11 Agosto 2009 - 12:03PM
Marketwired
Kodiak Energy, Inc. (TSX VENTURE: KDK) (OTCBB: KDKN) ("Kodiak" or
the "Corporation) announces that its majority controlled
subsidiary, Cougar Energy, Inc., has made another acquisition for
wells, facilities and production from a private company with
operations in and adjacent to the CREEnergy project. This is in
addition to the acquisition agreement previously announced on July
20, 2009 and on our website at
http://www.kodiakpetroleum.com/s/AdditionalProjects.asp.
Bill Tighe, CEO of Cougar, states, "This recent acquisition adds
key properties to our ongoing development of the CREEnergy project
and on building core area production. Half the wells and production
are located within the designated Peerless/Trout Lake Treaty Land
Entitlement (TLE) area. With the revenue, Cougar can then pay
production royalties to CREEnergy and the Peerless/Trout Lake First
Nations immediately following ratification of the TLE settlement.
Cougar looks forward to working with CREEnergy and the
Peerless/Trout Lake First Nations to identify local employment and
equipment contract opportunities. "
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 after closing and post a copy of the NI 51-101 report
on the Kodiak/Cougar website once it is completed.
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. The transaction is to close
no later than September 30, 2009 and subject to regulatory
approval.
Additional information will be released as it becomes
available.
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: Cougar Energy, Inc. William Tighe CEO (403) 262-8044
Email: info@kodiakpetroleum.com Website:
www.kodiakpetroleum.com
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