Kodiak Announces Terms of Thunder River Acquisition
Kodiak Energy, Inc. said that it has terms for a definitive agreement to acquire Thunder River Energy. Kodiak is reserving for issuance 6,867,412 common shares of Kodiak at a issue price of $1.75 per share. The transaction gives Kodiak controlling interest of Thunder with Kodiak having 57% upon closing.
Thunder River Energy, Inc. is an Alberta company that currently owns a 50% working interest in the 200,000 acre Exploration License 413 in the North West Territories and 95% of CIMA holdings of New Mexico which has 55,000 acres of mineral rights in Northeast New Mexico.
An independent evaluation of the Little Chicago Exploration license was recently 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 and concludes a "best estimate" of 107 MMBOE of potential reserves. The 200,000 acre Mackenzie River block is believed to potentially contain up to 1 billion barrels/oil and in excess of 2 TCF of natural gas.
The New Mexico properties have potential of finding substantial economical oil, gas, CO2 (and possible helium) reserves in the near term. These high impact prospects are well-documented and located near existing infrastructure and at shallow to medium drilling depths.
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 Northwest Territories and Northeast New Mexico.
- Kodiak Energy, Subsidiary Appoint VP Finance and CFO (Nov 05)
- Kodiak Energy's Subsidiary Snaps Up Additional Assets (Aug 11)
- Kodiak Energy's Subsidiary Collects Assets from Private Co (Jul 20)
Company: Thunder River Energy, Inc. more info
- Kodiak Energy Closes Acquisition of Thunder River & CIMA Holdings (Oct 01)
- Kodiak Energy Acquires Thunder River Assets (Jul 12)
- Kodiak Announces Terms of Thunder River Acquisition (Mar 19)