Kodiak Energy, Inc. (KDKN)

[Mr B]

Cougar Oil and Gas Canada Inc. Completes Acquisition of All Outstanding Shares of Cougar Energy, Inc to make it a 100% Owned Subsidiary. Cougar Energy, Inc. Closes Asset Acquisition
> Date: Tue, 1 Jun 2010 07:49:48 -0700
>
> CALGARY, ALBERTA -- June1, 2010 -- Cougar Oil and Gas Canada Inc.
> ("Cougar Canada" or the "Corporation") (OTCBB: COUGF) is pleased to
> announce that, on May 25, 2010, it completed the acquisition of the
> balance of the outstanding shares from private individuals under the
> same terms and conditions as previously announced of it's subsidiary,
> Cougar Energy, Inc. ("Cougar Energy")., This makes Cougar Energy a 100%
> owned subsidiary. The legal work has been started to merge Cougar
> Canada and Cougar Energy which will allow the two corporations to save
> additional overhead, administration and legal cost. We will still
> continue to operate in Alberta and British Columbia as Cougar Energy,
> Inc at the field level.
>
> Cougar Canada is also pleased to announce that, on May 28, 2010, its
> private subsidiary, Cougar Energy, closed an asset acquisition with a
> public company to increase the production and reserve value of the
> Corporation's core Trout properties.
>
> The acquisition included additional working interest and a royalty
> interest in seven Cougar Energy operated wells and a royalty interest
> in one non-operated well. The acquisition added approximately 9 barrels
> of net oil production per day and approximately $450,000 of proved
> reserves (reserve value estimate based on Cougar Energy's Dec. 31, 2009
> independent reserve report). The updated ownership and reserve value
> will be included in the Corporations next independent reserve
> evaluation.
>
> The purchase price for the acquisition was Cdn $215,000 and was funded
> from cash flow and Cougar Energy's previously announced credit
> facilities. The existing revenue and the new revenue from planned work
> programs will result in an expected payback of less than 12 months.
>
> As of May 28, 2010, the Corporation's gross production was
> approximately 262 barrels of oil per day which resulted in a net
> production rate of approximately 183 barrels of oil per day.
>
> Mr. William Tighe, Chief Executive Officer for Cougar Canada, stated,
> "We are pleased that Cougar Energy has successfully closed this
> acquisition. This transaction continues one of Cougar Canada's
> objectives of consolidating the ownership in our Trout core area --
> progressively increasing our net back and overall opportunities. The
> growth pattern we have established over the last 6 months continues
> along the planned model.
>
> About Cougar Oil and Gas Canada Inc.:
> Cougar Oil and Gas Canada Inc. (OTCBB: COUGF) is based in Calgary,
> Alberta, Canada and a publicly traded oil and gas exploration and
> production company. The focus is on the exploration and development of
> Canadian based onshore oil and gas properties. The current projects are
> Lucy in the Horn River Basin in northeast British Columbia and
> CREEnergy Joint Venture and area projects located in north central
> Alberta.
> Additional information is at
> http://www.cougarenergyoilandgascanadainc.com.
>
> For further information:
>
> Cougar Oil and Gas Canada Inc.
> Investor Relations:
> TC Capital
> Phone: [phone] (during market hours)
> e-mail: [e-mail]
> www.cougarenergyoilandgascanadainc.com
> www.cougarenergyinc.com
>
>
> Forward-looking Statements: This press release contains forward-looking
> statements. The words or phrases "would be," "will" "intends to," "will
> likely result," "are expected to," "will continue," "is anticipated,"
> "estimate," or similar expressions are intended to identify
> "forward-looking statements". The Company's business is subject to
> various other risks and uncertainties, which may be described in its
> corporate filings (www.sec.gov). Statements made herein are as of the
> date of this press release and should not be relied upon as of any
> subsequent date. The Company cautions readers not to place reliance on
> such statements. Cougar Oil and Gas Canada Inc. undertakes no
> obligation to update or publicly revise forward looking statements or
> information unless so required by applicable securities laws.
>
> =======================================================================
> Copyright (c) 2010 COUGAR ENERGY, INC. (COUGF) All rights reserved.
> For more information visit our website at
> http://www.cougarenergyinc.com/ or send mailto:[e-mail]
> Message sent on Tue Jun 1, 2010 at 7:47:28 AM Pacific Time