Headquartered in Calgary, Alberta, Kodiak Energy Inc. is an oil and gas exploration and development company. Trading on the TSX Venture Exchange and the OTCBB, they focus on creating a portfolio of North American assets that offer production opportunities and asset growth through exploration. Kodiak is a multi-project enterprise with a land position of over 340,000 gross acres leased for exploration and development.
The company’s mission is the development of onshore oil, gas, and CO2 properties in the North American arena. Kodiak Energy has lease holdings in Montana, Alberta, and British Columbia. They also have prospects in the central Mackenzie River Valley of the Northwest Territories, Canada and in northeastern New Mexico. Through their private subsidiary, Cougar Energy, Inc., they are developing the projects of Lucy in the Horn River Basin in northeast British Columbia. The basin has a reputation within the oil and gas industry for its large scale, excellent prospects, and reserves of shale gas. Through Cougar Energy, Inc., they are also developing the CREEnergy Joint Venture located in north central Alberta.
Their prospects also include the “Little Chicago” or “EL 413″ prospect in the Northwest Territories, and the Sofia project in northeastern New Mexico. Their “Little Chicago” or “EL 413″ prospect is located in the central Mackenzie River Valley of the Northwest Territories. It has multi-formation targets for light and medium oil as well as natural gas prospects. Kodiak’s Northeast New Mexico prospect is mainly a CO2 prospect for the growing industry demand for enhanced oil recovery in the area.
Kodiak Energy, Inc. reported earlier this month that their majority controlled private subsidiary, Cougar Energy, Inc., funded and completed the requirements of the “exclusivity contract” of the CREEnergy Oil and Gas Inc. agreement announced on December 1, 2008. The agreement provides for an “exclusivity contract” with CREEnergy for oil and gas properties for up to 15 townships or 345,000 gross acres of mineral rights in north central Alberta, Canada. The initial leases are for mineral rights on 46,000 gross acres for a lease term of 10 years.
Last week, Kodiak Energy, Inc. announced that Cougar Energy, Inc. reached an agreement in principle with a private company to acquire the wells, facilities, and production with operations in and adjacent to the CREEnergy project. The acquisition will add 11 producing wells and additional 21 low cost workover or recompletion candidates, essential water disposal and production facilities, and associated pipelines.