Kodiak Energy, Inc. Subsidiary Cougar Energy, Inc. Announces Purchase and Sale Agreement of Property Acquisition
25 Agosto 2009 - 6:30PM
Marketwired
Kodiak Energy, Inc. (TSX VENTURE: KDK) (OTCBB: KDKN) ("Kodiak" or
the "Corporation) announces that its majority controlled
subsidiary, Cougar Energy, Inc. (Cougar), has signed a binding
purchase and sale agreement for the previously announced agreement
in principle for the acquisition of wells, facilities and
production from a private company with operations in and adjacent
to the CREEnergy project announced on July 20, 2009. Additional
information is on our website at
http://www.kodiakpetroleum.com/s/AdditionalProjects.asp.
Mr. Bill Tighe, CEO of Cougar, states, "This recent acquisition
adds core properties to our ongoing development of the CREEnergy
Joint Venture project and on building overall area production,
infrastructure, and short term cash flow with substantial upside
available in workovers, secondary developments and drilling.
The acquisition adds 11 producing wells, 21 suspended wells, and
associated production, water disposal and pipeline facilities. The
existing wells and reserves are located in the Trout field. Current
gross production is approximately 170 barrels of oil per day. We
will be actively working this fall and winter to maximize those
opportunities and increase production and thus revenue. Based on
the independent look ahead engineering report effective date June
30, 2009 as provided by the private company, the estimated Proved
and Probable oil reserves are approximately CAD$7,250,000 (Net
Present Value 10% discount). Cougar will update the reserve report
information after closing.
This acquisition has a total purchase price of CAD$6,000,000 and
will be funded with cash and debt. Final closing is expected to be
completed on or before September 30, 2009.
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 and area projects 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 prospect is located
in the 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 and area projects 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. Wm (Bill) S. Tighe President and
CEO (403) 262-8044 Email: info@kodiakpetroleum.com Website:
www.kodiakpetroleum.com or www.cougarenergyinc.com
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