Message #12 From:
Jason Date: July 25, 2008 07:37:00 AM
KDKN Stock: CALGARY, ALBERTA--(Marketwire - July 25, 2008) - Kodiak Energy, Inc. (TSX VENTURE:KDK)(OTCBB:KDKN) ("Kodiak" or the "Corporation") announces a progress update on the previously released acquisition of Brink Energy Ltd. ("Brink"), a priva
CALGARY, ALBERTA--(Marketwire - July 25, 2008) - Kodiak Energy, Inc.
(TSX VENTURE:KDK)(OTCBB:KDKN stock) ("Kodiak" or the "Corporation") announces
a progress update on the previously released acquisition of Brink
Energy Ltd. ("Brink"), a private Alberta junior oil and gas
corporation.
Kodiak reports that the initial audit of Brink's records is
close to completion. Some additional work is yet required to complete
predecessor company audits in order to finalize the overall audit. The
Corporation is pleased with the progress thus far and thanks everyone
involved in moving this project to completion.
In preparation for the successful closing of this acquisition,
Kodiak has signed a commitment letter with a Canadian financial
institution that will provide, subject to a final definitive agreement,
financing for a substantial part of the cash portion of the Brink
acquisition cost and first stage development of the Brink properties.
The development portion of the financing will be used to fracture the
first three oil wells to increase current production. Kodiak intends to
first optimize the existing production and concurrently review
development and drilling plans for Q3 and Q4 of 2008 and into 2009
before advising of expected production volumes, capital commitments,
taking into consideration prevailing commodity prices and cost of
services.
Mr. Bill Tighe, President and CEO of Kodiak, stated, "This
acquisition is exciting for our shareholders. It provides Kodiak with
an opportunity to immediately realize revenue and production along with
proven and probable reserves. The Spearfish resource play in addition
to the identified Bakken formations will allow for many years of
development drilling and production growth, with associated high net
backs at current commodity prices. We will continue to update
shareholders as information becomes available."
This press release does not constitute an offer of any securities.
About Kodiak
Kodiak Energy, Inc. is a Calgary, Alberta, Canada 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 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." The Brink acquisition has risk factors which may include
or have negative effects on Kodiak -- such as but not limited to -- the
acquisition may not be completed due to factors outside the
Corporation's control or financing complications. The effect of
additional debt or actual results could differ materially from those
projected in the Corporation's proposed oil and gas related business
due to difficultness integrating Brink's operations, risks of
liabilities related to Brink and or the assets will not be as valuable
or productive as we believe. The Corporation's business is subject to
various other 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.
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.
Further information relating to Kodiak may be found on
www.sedar.com and www.sec.gov as well as on Kodiak's website at
www.kodiakpetroleum.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Kodiak Energy, Inc.
William Tighe
President and Chief Executive Officer
(403) 262-8044
