CALGARY, ALBERTA--(MARKET WIRE)--Sep 13, 2006 -- Kodiak Energy, Inc. (OTC BB:
KDKN.OB -
News), and its subsidiary Kodiak
Petroleum ULC are pleased to announce a farmin agreement
with Dual Exploration Inc. on Exploration Licence EL 413
located within the Grandview Hills area of the Northwest
Territories. This is in conjunction with the previously
announced Farmin on the same license with Thunder Energy
Ltd.
Kodiak Energy has signed a farmin agreement to earn up to
a 56.25% working interest on the 200,000 acre EL 413 in
the Mackenzie River Valley and centered along the planned
Mackenzie Valley Pipeline.
Kodiak Petroleum ULC will be the initial Operator under
the joint operating procedure and will spend five million
dollars ($5,000,000.00) prior to June 30, 2007, to acquire
2D seismic data on the Farmout Lands, thus earning a 12.5%
working interest in the properties. Kodiak will drill two
test wells the following winter on the Farmout Lands to
earn an undivided 50% of the balance of the Farmor's interest
in two 20,000 acre test well blocks. The Company will have
a continuing rolling option to drill additional Option Well(s)
on the remaining unearned "20,000 acre test well block(s)".
Kodiak Energy, Inc is a Calgary based oil and gas company
focused on creating a portfolio of North American 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.
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.
