Kodiak Energy Completes Seismic for Little Chicago
Kodiak Energy, Inc. reported that the new seismic acquisition program for the high impact Little Chicago project located in the Northwest Territories (NWT) for 2008 is now complete.
The seismic data is now on the way to the lab, for processing followed by evaluation.
The project was completed on schedule, within budget and with maximum local content from the stakeholders -- at temperatures averaging -30 deg C and -55 deg C at times. The Corporation continues to prove that it is an effective operator in this challenging area.
45 km of 2D seismic was shot, consisting of over 500 shots and high resolution data acquisition. Field review indicates it is excellent quality data.
This seismic program expanded the total area covered by the seismic on EL 413. Combined with the information from the seismic program in the winter of 2007, the knowledge base on the area and the structures beneath EL 413 has been substantially enhanced. This will assist in the evaluation of the prospective resources identified in the previous two engineering studies and management believes it will show an increase in those prospective resources. A Gravity Survey was also conducted over the same area to supplement the 2007 Gravity Survey.
The previously released (August 2007) "prospective resource" report identified 13 possible drill targets in the Bear Rock and has estimated possible initial production for these wells at about 1000 barrels of oil per day from each well. That report provided current "best estimate" for the identified drill targets at 100.2 million stock tank barrels of oil recoverable on a "fully risked" basis (oil in place can be extrapolated to approximately 500 to 600 million barrels).
Additionally the previously seen and largest structure on the 2007 seismic, which is deeper, continues to be evaluated.
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