Kodiak Completes Seismic Acquisition in New Mexico

Kodiak Energy reported that the New Mexico exploration program, located in northeastern New Mexico, continues to be on schedule. The program consists of drilling, testing and seismic operations. Kodiak is operator and 100% working interest owner of this high impact project, currently comprising approximately 62,000 acres with signed letters of intent to purchase another 24,000 acres.

To date, three wells have been drilled, cased and the completion program underway. Besides the expected high quality CO2, early gas tests also show helium, which is used in medical, science, technology and fabrication industries in addition to space programs. An engineering report has been commissioned and is anticipated approximately the end of May.

The 38 mile seismic program was completed April 20, 2008 and the data has been sent to the labs for processing.

Target dates are subject to change as new information becomes available.