Kodiak to Begin Drilling Program on Lucy Prospect
Kodiak Energy has commenced a drilling program for its project known as Lucy Property located in NE British Columbia.
Kodiak has given "Independent Operations Notice" to its partners for the Lucy Property. Kodiak has concluded negotiations for the new partnership levels of the Lucy Project resulting in, Kodiak being the operator of the drilling project and having a working interest of 67.5% - an increase from the 7.5% original working interest. After an internal geophysical review based on additional seismic that was acquired, Kodiak is currently licensing a drill location. A drilling rig has been contracted, the site surveyed and the expected spud date is December 20, 2007. An abridged independent engineering report - which will be posted on our web site and filed on SEDAR and EDGAR - estimates "prospective resource" at a low of 3.2 bcf to a high of 15.3 bcf and a best estimate of 7.67 bcf of marketable gas. The estimated drilling costs are $2.4 million - gross. Upon realization of successful drilling results, management believes that the well can be tied in and generating cash flow by end of Q2 2008.
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