CALGARY, ALBERTA--(MARKET WIRE)--Jun 28, 2007 -- Kodiak Energy, Inc. (OTC BB:
KDKN.OB -
News) is pleased to announce
that upon review by management, and the Board of Directors,
that it will move forward EL 413 (Little Chicago) to further
define the project with plans for additional seismic to
be followed up with drilling programs based on that work.
Kodiak is currently actively seeking the required benefits
and access agreements from the Beneficiaries of the Land
Claims agreements. This is expected to be completed shortly
and upon completion of that process, Kodiak will then seek
the necessary license approvals.
The Company has obtained a credit facility with a Swiss
based group that will provide Project Financing as required
to develop this substantial asset. The credit facility is
in the form of non convertible debt, paying annual interest
at a rate of 9.5% and can be repaid by the Company at any
time. Access to this credit facility is a major advantage
to the Company in that it establishes access to Capital
for its projects with no dilution in the short term.
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 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.
