Message #9 From:
Stock News Bot Date: June 2, 2008 11:32:31 AM
KDKN Stock: Kodiak Energy, Inc.-EL413 Update-Drilling Program Initiated for Winter of 2008/2009
Kodiak Energy, Inc. (TSX VENTURE: KDK)(OTCBB: KDKN stock) ("Kodiak" or the
"Corporation") is pleased to announce that work has commenced on the
application process for a proposed multi-well drilling program for
EL-413. After reviewing the processed seismic data acquired this past
winter, multiple drilling locations have been identified for each of
the prospective target formations and 4 to 6 of the locations will be
licensed.
These wells, which will be drilled during the upcoming winter season
with planned operations commencing December 2008 and running through to
April 2009, are dependent upon weather, regulatory approvals and
project financing. The Corporation has started preliminary discussions
with several Arctic service contractors and has determined the required
equipment is available to execute the proposed drilling program.
To date, 84 kms of 2D seismic during the 2006/2007 winter season and
an additional 43 kms of 2D seismic during the winter of 2007/2008 were
completed on schedule and within budget. Kodiak has proven it is a
capable operator in this difficult area of exploration.
The Corporation is also pleased to announce that the updated EL 413
Prospective Resource Report has been completed. A copy of the report
dated May 2008, will be posted on the Kodiak website (www.kodiakpetroleum.com)
for Wednesday May 28, 2008. The Corporation will also be filing a Form
51-102F3 Material Change Report regarding its EL 413 Little Chicago,
NWT properties.
Target dates are subject to change as new information becomes available.
About Kodiak Energy
Kodiak Energy, Inc. is a Calgary based publicly traded oil and gas
development company focused on creating a portfolio of North American
assets that offer production opportunities and asset growth through
exploration. Kodiak has lease holdings in Montana, southeastern
Alberta, northeastern Alberta and high impact prospects located in the
central Mackenzie River Valley of the Northwest Territories, Canada and
in northeastern New Mexico.
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."
Actual results could differ materially from those projected in the
Corporation's proposed oil and gas related business. The Corporation's
business is subject to various risks, which are discussed in the
Corporation's filings with the US Securities and Exchange Commission
and with Canadian securities commissions. The Corporation's filings may
be accessed at www.sec.gov or at www.sedar.com.
The information in the Engineering Report referred to herein contains
the terms "prospective resources". Kodiak advises investors that
although these terms are recognized and required by Canadian securities
regulations (under National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities), the US Securities and Exchange Commission
does not recognize these terms. Investors are cautioned not to assume
that any part or all of the resources in this category will ever be
converted into reserves. In addition, "prospective resources" have a
great amount of uncertainty as to their existence, and economic and
legal feasibility. It cannot be assumed that any part of a prospective
resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of prospective resources may not form the basis of
feasibility or pre-feasibility studies, or economic studies except for
a "preliminary assessment" as defined under National Instrument 51-101.
Under US rules, investors are cautioned not to assume that part or all
of a prospective resource exists, or is economically or legally
recoverable.
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. Unless
otherwise required by applicable law, we do not undertake, and we
specifically disclaim any obligation, to update any forward-looking
statements to reflect occurrences, developments, unanticipated events
or circumstances after the date of such a statement.
