Kodiak: Little Chicago Seismic to Conclude Next Week
Kodiak Energy, Inc. said that the seismic program for its Little Chicago project in the Northwest Territories is progressing well, thanks in part to strong cooperation from Aboriginal workers and contractors. The company noted that the project is more than 75% complete, with 140km of access ice roads, 2 km of ice bridges, 100% clearing of rights-of-way, 40% drilling of shot holes, and data acquisition to start on March 8. The seismic is expected to conclude on schedule for March 15/16, 2007, and on budget.
This work included the building of ice bridges and 140 km of access ice roads to the worksite. It included mobilization of a 56-man sleigh camp to the site. It includes 85 km of seismic acquisition. Once completed, the equipment and personnel will return to origin and all accesses reclaimed.
Upon the completion of the seismic and the Thunder River acquisition, Kodiak's control or working interest will rise to 56.25% of the acreage.
An independent evaluation of the Little Chicago Exploration license was completed by a qualified engineering analyst. This report bases its evaluation of potential reserves in only one of the several seismic structures observed on the property. The report compares the potential of this feature to the Keg River B pool at Rainbow Lake Alberta. The 200,000 acres Mackenzie River block EL 413 is believed to potentially contain up to 1 billion barrels oil and in excess of 600 bcf of natural gas.
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, South Eastern Alberta, North Eastern Alberta, an agreement to purchase mineral rights both in the North West Territories and New Mexico.
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