Summary of KODIAK ENERGY, INC.

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01 Entry into a Material Definitive Agreement

On November 28, 2008, Kodiak Energy, Inc. ("Kodiak" or "the Company") entered into a binding letter agreement (the "Agreement") with CREEnergy Oil and Gas Inc., a company owned and licensed by the Communities of Peerless/Trout Lake First Nation and Alberta Cree Nation (Bison Lake) ("CREEnergy"). On December 5, 2008, the Company released additional information regarding its new joint venture arising out of the afore-mentioned agreement previously announced in a news release filed as part of Form 8-K filed December 1, 2008.

CREEnergy is the authorized agent of Peerless/Trout Lake First Nation and Alberta Cree Nation, which are new First Nations in various stages of ratification from the federal Government of Canada to satisfy outstanding treaty land entitlement claims. Within these new First Nations are approximately 15 townships or 540 sections of mineral rights for development in Alberta.

In exchange for Kodiak advancing certain contracted funds and making work program commitments, the Company will have an exclusive opportunity to develop certain identified oil and gas properties within the Peerless/Trout Lake First Nation and the Alberta Cree Nation. The joint venture is based on a confidential letter of intent with a term sheet and a head agreement for developing the relationship going forward. This arrangement is designed to be the stepping stone for a larger scale oil and gas development project.

Kodiak will initially select one township (36 sections or 23,000 acres) of land from each of the Peerless/Trout Lake First Nations identified lands and Alberta Cree Nation identified lands. The leases will be for ten years, paid up with all rights. Kodiak will submit to CREEnergy a development plan for the two selected townships on or before May 1, 2009 with a goal to begin exploration and development operations on or before November 1, 2009. CREEnergy and Kodiak will discuss terms and conditions for the development of other townships of land on or before May 1, 2010.