CALGARY, ALBERTA--(MARKET WIRE)--Jun 23, 2006 -- Kodiak Energy, Inc. (OTC BB:
KDKN.OB -
News), is pleased to announce
that its joint venture partner has drilled a successful
well on the Granlea property.
The Granlea well which was drilled by Kodiak's joint venture
partner in May was perforated and tested for 48 hours. The
well is successful and will be tied into existing facilities
by the fall of 2006. Based on the testing conducted it is
expected that the well will flow approximately 400mcf/d.
Kodiak has a 50% interest in the well.
Kodiak Energy, Inc is a Calgary based oil and gas company
focused on creating a portfolio of domestic low risk high
impact assets that offer immediate production and cash flow.
The Company's lease holdings in Montana offer the potential
for at least 210 drilling targets and two leases in South
Eastern Alberta, which drilling programs have started offer
the potential of another 150 drilling locations. With the
Utah assets, Kodiak has 362 to 572 low cost drilling opportunities
that will drive production and reserve growth for the years
to come. Once fully developed, Kodiak could unlock more
then 528 Bcfe in potential reserves plus 172,000,000 barrels
of original oil in place in Utah.
This press release contains forward-looking statements.
The words or phrases "would be," "will allow," "intends
to," "will likely result," "are expected to," "will continue,"
"is anticipated," "estimate," "project," or similar expressions
are intended to identify "forward-looking statements." Actual
results could differ materially from those projected in
the Company's proposed oil and gas related business. The
Company's business is subject to various risks, which are
discussed in the Company's filings with the Securities and
Exchange Commission ("SEC"). The Company's filings may be
accessed at the SEC's Edgar system at www.sec.gov.
Statements made herein are as of the date of this press
release and should not be relied upon as of any subsequent
date. The Company 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.
