BC, Horn River Basin - NWT, Mackenzie River Valley - New Mexico
Development of onshore Oil, Gas and CO2 properties within North America.
Message: Update to Lucy and CREEnergy Projects
| January 12, 2009 |
| Kodiak Energy, Inc. Update to Lucy and CREEnergy Projects |
| CALGARY, ALBERTA--(Marketwire - Jan. 12, 2009) - Kodiak Energy, Inc. (TSX VENTURE:KDK) (OTCBB:KDKN) ("Kodiak" or the "Corporation") is pleased to provide an update to the Lucy and CREEnergy Projects. We believe that the imminent projects of Lucy and CREEnergy will move forward to create value for our shareholders. To enable Kodiak to achieve value in these uncertain market conditions, we have created a wholly-owned subsidiary company as a vehicle for financing purposes in order to move the Lucy and CREEnergy projects forward. With this structure, Kodiak has transferred the Lucy and CREEnergy projects to the wholly-owned and managed subsidiary in exchange for shares in the subsidiary. This will enable Kodiak to finance these projects and avoid dilution to Kodiak's EL413 and New Mexico projects. "We believe the advantage for Kodiak shareholders exists through this structure", said Bill Tighe, President and CEO. He adds, "Kodiak will continue to also move EL413 and New Mexico forward, as these are longer term high impact, exploration and development projects." This press release does not constitute an offer of securities. About Kodiak Kodiak Energy, Inc. is a Calgary, Alberta, Canada based publicly traded oil and gas exploration and 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, south-eastern Alberta and high impact prospects located in the central Mackenzie River Valley of the Northwest Territories, in north-eastern British Columbia Canada and in north-eastern New Mexico. |
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