CALGARY, ALBERTA -- (MARKET WIRE) -- July 14,
2009 -- Kodiak Energy, Inc. (TSX-V: KDK and OTCBB: KDKN.OB)
("Kodiak" or the "Corporation) announces that its majority
controlled private subsidiary, Cougar Energy, Inc., has funded and
completed the requirements of the "exclusivity contract" of the
CREEnergy Oil and Gas Inc. agreement announced on December 1,
2008. Information on the CREEnergy project is located at
http://www.cougarenergyinc.com .
The agreement provides for an "exclusivity
contract" with CREEnergy for oil and gas properties for up to 15
townships or 345,000 gross acres of mineral rights in north central
Alberta, Canada. The initial leases, as outlined in the
agreement, are for mineral rights on a total of 46,000 gross acres
for a lease term of 10 years. As the project moves
forward, additional leases will be identified and added to the
joint venture.
Cougar is working with CREEnergy to identify,
prioritize and nominate the first mineral rights that will be
leased, and finalizing the initial development plans for the
fall/winter of 2009, which will include the evaluation of 4 to 6
high priority targets. The development plans will
include the areas to be leased from CREEnergy and the additional
mineral rights acquired in the farmin announced on June 9,
2009.
Bill Tighe, CEO of Cougar, states, "We are
pleased with the completion of this critical milestone in our
agreements with CREEnergy and look forward to the ongoing
development of this agreement, which will continue with the leasing
of the initial mineral rights."
These mineral leases and the general area have
industry recognized production potential for light sweet crude oil
and sweet natural gas.
Adjoining mineral leases have low operating
costs of approximately C$25.00 per barrel resulting in profitable
net backs, even at the current, low commodity prices. A
key example of the production potential would be the Tro
