Shares of Kodiak Energy Inc. (OTCBB: KDKN) were down slightly this afternoon, trading at $3.35, after climbing the charts for most of the week. The continual increase follows the company’s release of its first-quarter financials, as well as news regarding its Thunder River prospects.Kodiak is an oil and gas exploration company primarily focused on its properties in Alberta, Canada. The company also has interests in New Mexico and Montana.
As a development-stage company, Kodiak had no revenue to report for first quarter 2007 except for $385 accrued operations revenue from fourth quarter 2006. As of March 31, 2007, the company had assets totaling $6.8 million, consisting of cash and other current assets of $1.1 million, and oil and gas properties and equipment of $5.8.
According to recent Securities and Exchange Commission (SEC) filings, the company raised $1.7 million in private placement financing proceeds. Subsequent to March 31, 2007, the company raised an additional $1.6 in private placement financing. The aggregate financing of $3.8 will allow the company to finance its on-going capital expenditures and overhead expenses.
Wednesday the company announced the commencement of seismic programming on its Thunder River prospects in New Mexico – the company expects to earn a 12.5 percent working interest in all existing leases on the prospects located in Northeast New Mexico. The prospects offer the potential for economical oil, gas and CO2.
“The Thunder River New Mexico properties demonstrate the presence of oil, natural gas and CO2, and potential helium resources at shallow depth,” the company said in the press release. “These properties are located near existing infrastructure and offer the possibility of dynamic short term growth and significant near term cash flow.”