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Summary
The Lucy Project is a Horn River Basin natural gas play in Muskwa shale and is compared to the Barnett Shale in Texas and Oklahoma. Kodiak is operator and has an 80% working interest in 1,920 acres gross in 3 sections. To date, the Company has drilled 2 wells. An application to the B.C. Oil and Gas Commission ("OGC") for an extension to test the Muskwa shale gas potential on its leases was approved on August 12, 2008. There is substantial long term upside through developing Lucy Project high impact shale gas play:
Operations Update and Management Discussion of Lucy Chapman Engineering Evaluation of Prospective Resources - "Lucy" 2008
Certain documents available on this website may contain the terms "prospective resources". The Company advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the resources in this category will ever be converted into reserves. In addition, "prospective resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that any part of an prospective resource will ever be upgraded to a higher category. Under Canadian rules, estimates of prospective resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a "preliminary assessment" as defined under National Instrument 51-101. Under US rules, Investors are cautioned not to assume that part or all of a prospective resource exists, or is economically or legally recoverable. You will need Acrobat Reader to access the pdf files. If you do not have Acrobat Reader installed on your computer, please go to the Adobe website to download the free application.
Last Updated August 25, 2009 |
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