Item 8.01 Other Events.

On March 19, 2008, the Company provided an operations update relative to its Lucy, B. C. project. The recent Lucy well was cased as a potential Muskwa shale gas well. The initial Keg River reef target was not found; however, the expected Muskwa shale was encountered in the drilling, logs and gas shows and thus management considers the overall program to be a success and therefore has increased its working interest in the play to 80%. Although the Keg River target may have provided short term cash flow, the Muskwa shale is expected to be much larger and has the potential to provide longer term revenue. The open-hole logs indicate a formation thickness of approximately 60 meters (200 feet).

On March 20, 2008, the Company also provided an operations update relative to its northeastern New Mexico project. This high impact exploration program, of which Kodiak is operator and 100% working interest owner, consists of drilling, testing and seismic operations. Current landholdings in the area comprise approximately 62,000 acres with signed letters of intent to acquire an additional 24,000 acres. To date, two wells have been drilled and cased and both show the expected high quality CO2 from the formations that were previously mapped in the area. A third well has been spudded in another potentially productive formation not seen in other offset wells. A 38 mile seismic program has been permitted, seismic lines are currently being surveyed and recording crews are scheduled to be on site within a week.

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements of business acquired. Not applicable

(b) Pro forma financial information. Not applicable

(c) Exhibits.
99.1 Press release re Lucy, B.C. dated March 19, 2008
99.2 Press release re New Mexico dated March 20, 2008

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