Kodiak Petroleum Signs Major NWT Project in the Mackenzie River Valley
Kodiak Energy, and its subsidiary Kodiak Petroleum ULC have signed a farmin agreement with Dual Exploration Inc. on Exploration License EL 413 located within the Grandview Hills area of the Northwest Territories. This is in conjunction with the previously announced Farmin on the same license with Thunder Energy Ltd.
Kodiak Energy has signed a farmin agreement to earn up to a 56.25% working interest on the 200,000 acre EL 413 in the Mackenzie River Valley and centered along the planned Mackenzie Valley Pipeline.
Kodiak Petroleum ULC will be the initial Operator under the joint operating procedure and will spend five million dollars ($5,000,000.00) prior to June 30, 2007, to acquire 2D seismic data on the Farmout Lands, thus earning a 12.5% working interest in the properties. Kodiak will drill two test wells the following winter on the Farmout Lands to earn an undivided 50% of the balance of the Farmor's interest in two 20,000 acre test well blocks. The Company will have a continuing rolling option to drill additional Option Well(s) on the remaining unearned "20,000 acre test well block(s)".
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 at least 210 drilling targets and two leases in South Eastern Alberta, which drilling programs have started offer the potential of another 150 drilling locations.
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