Kodiak Begins Drilling in Montana
Kodiak, via its joint venture partner in Montana, has spudded the first well in a two well drilling program with one option well targeting the Sawtooth formation.
An extensive gravity acquisition program revealed the acreage is prospective for natural gas production from multiple formations, with the primary objective being the Sawtooth formation. On the basis of the gravity data, a 25 mile 2D seismic program was acquired prior to undertaking the drilling program.
The expected initial gross production rates are 1- 2 MMcf/d per well with gross reserves of 2 to 5 Bcf per well over multiple zones. The acreage is well defined and offsets in excess of 10 bcf of current production in the surrounding gas fields.
Kodiak has a 50% earning position based on 100% funding of the seismic and drilling of the first two wells with a total commitment of up to $600,000. After the completion of the first two wells, all costs are shared on a 50% earned in basis.
The company along with its Montana joint venture partner expect to progressively drill and develop their 100,000 acre project in Montana, as well as its 100% owned Manyberries prospect in southeast Alberta.
Kodiak's 2006 work program will focus on a drilling program of high quality, low-risk drillable inventories in Montana and Alberta, with a long term potential of up to 350 low-cost drilling opportunities that can bring relatively immediate production.
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 up to 200 drilling targets and two leases in South Eastern Alberta, which drilling programs have started offer the potential of up to another 144 drilling locations.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension