Kodiak Energy, Inc. Subsidiary Cougar Energy, Inc. Announces Acquisition
20 Luglio 2009 - 8:47PM
Marketwired
Kodiak Energy, Inc. (TSX VENTURE: KDK) (OTCBB: KDKN) ("Kodiak" or
the "Corporation) announces that its majority controlled
subsidiary, Cougar Energy, Inc., has reached an agreement in
principle with a private company to acquire the wells, facilities
and production with operations in and adjacent to the CREEnergy
project. Further information on this announcement will be posted
today on our website at
http://www.kodiakpetroleum.com/s/AdditionalProjects.asp.
Bill Tighe, CEO of Cougar, states, "These are key properties to
our development of the CREEnergy project for early cash flow and,
importantly, the first royalties paid to CREEnergy under the
agreement. This addition will provide opportunities for employment
and work contracts in the area."
The acquisition will add 11 producing wells and additional 21
low cost workover or recompletion candidates, essential water
disposal and production facilities, and associated pipelines. The
existing wells and reserves are located in the Trout field and have
a reported cumulative production in excess of 6.6 million barrels
of light sweet crude oil from the Keg River and Granite Wash
formations. Current gross production is approximately 170 barrels
of oil per day; a number we plan to significantly increase. These
wells previously produced up to an estimated total of 2,450 barrels
of oil per day.
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: Kodiak Energy, Inc. William Tighe President and CEO
(403) 262-8044 Email: info@kodiakpetroleum.com Website:
www.kodiakpetroleum.com
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