Kodiak Energy, Inc. Subsidary Cougar Energy Inc., Enters Strategic Alliance for Long Term Financing
17 Giugno 2009 - 6:05AM
Marketwired
Kodiak Energy, Inc. (TSX VENTURE: KDK) (OTCBB: KDKN) ("Kodiak" or
the "Corporation") majority controlled subsidiary, Cougar Energy,
Inc. ("Cougar"), Is pleased to announce that it has concluded a
strategic long term financing agreement with a Swiss Private Equity
Fund ("the fund") focused on the Energy Sector to develop its
CREEnergy Joint Venture and other properties located in Western
Canada.
Key components of the Cougar financing package include
1. $1,500,000 in equity financing via a private placement of
Cougar Shares - price of $1.30 per common share.
2. Arrangement by the fund of a non-dilutive $5,000,000
development debt financing.
3. A $750,000 payment by the fund to Cougar to acquire the heavy
oil rights on an equal basis with Cougar plus a 10% working
interest in the conventional oil and gas opportunities when Cougar
completes the nomination and leasing of the CREEnergy properties.
The Fund will be responsible for its share of all exploration and
development costs following closing.
Kodiak currently owns 94% of Cougar and following the above
financing, if fully drawn; Kodiak will retain 81% of Cougar.
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.
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 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.
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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