Kodiak Energy, Inc. said that the Northwest Territories (NWT) Little Chicago Seismic Program for 2007 is now complete. The seismic data are now in the processing lab, and results are expected in 6 to 8 weeks.
An independent evaluation of the Little Chicago Exploration license was completed by a qualified engineering analyst. This report based its evaluation of potential reserves in only one of the several structures observed on the property. This report stated there could be up to 1 billion barrels oil and up to 2 tcf of gas in one of the structures analyzed.
The new work on the 200,000 acres Mackenzie River block EL 413, potentially based on preliminary info received, may contain up to 1 billion barrels oil and potentially up to 4 TCF of natural gas if all the identified zones are productive. These early estimates, will require confirmation via the processing of the seismic acquired in March 2007 and the planned drilling programs for winter of 2008/2009.
The oil targets are interesting as they could provide early production while the Mackenzie Valley Pipeline moves through the regulatory process. The Mackenzie Valley Pipeline Group, headed by Imperial Oil, Shell and ConocoPhillips - recently advised Kodiak that the pipeline would be routed through EL 413. This will substantially reduce development costs for the gas production.
Upon the completion of the 2007 seismic and the Thunder River acquisition, Kodiak's control or working interest will rise to 56.25% of the acreage. Upon completion of the drilling programs planned for 2008, Kodiak's working interest will increase via the farm in, to 78.12 % per test block for each well drilled. With a rolling option to earn the same amount for the whole block.
In order to prepare for the upcoming work planned in 2007 and going into 2008, Kodiak announced a new VP Operations and 2 new members of the Advisory Board:
- Glenn Watt joins Kodiak on April 2 as the VP of Operations. He has been a director of Kodiak since November 28, 2005 and now will take on the day to day operations of Kodiak, specifically the NWT and New Mexico 2007/ 2008 drilling programs. Glenn has extensive experience in drilling operations and management. He has over 10 years of oil and gas experience, the last 4 as the drilling and completions superintendent for a large royalty trust.
- Peter Grosse has joined the Advisory Board of Kodiak and will be consulting to the company in the capacity of Reserve Engineering and generally to Kodiak North American operations. Peter has in excess of 40 years of oil and gas experience, including offshore drilling, exploitation engineering, field operations, heavy oil operations, budgeting, corporate and property evaluations. His most recent positions were, V.P. of Operations at Macquest Petroleum Ltd. prior to that he was President & CEO Futurity Oil & Gas, COO and Vice President of Operations Viking Trust. Peter is the director of three publicly traded oil and gas companies. He has a B.Sc. in Geological Engineering and M.Sc in Petroleum Engineering. Peter is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta and Past Director of the Small Explorers and Producers Association of Canada, (SEPAC).
- Greg Cave has joined the Advisory Board and will be consulting to the company in the capacity of Geologist with specific knowledge and experience in Northern BC and the NWT. Greg has over 35 years of comprehensive exploitation and reservoir modeling experience. He has conceived and assisted in drilling successful wells leading to significant commercial production or increased productivity on numerous properties in British Columbia, Alberta and Saskatchewan. His most recent positions include Technical Manager, Geology and Geophysics for Samson. Prior to that he was Exploration Manager / Geology Manager for Canterra Energy. Greg has a B.Sc. (Adv.) Geology. His is a member of the following; Association of Professional Engineers, Geologists and Geophysicists of Alberta, Canadian Society of Petroleum Geologists, American Association of Petroleum Geologists, Canadian Well Logging Society, Canadian Society of Exploration Geophysicists.
Kodiak Energy, Inc is a Calgary-based oil and gas company focused on creating a portfolio of North American assets that offer not only immediate production and cash flow but growth through exploration. The Company has lease holdings in Montana, Southeastern Alberta, Northeastern Alberta, an agreement to purchase mineral rights both in the Northwest Territories and Northeast New Mexico.