Kodiak "Bought Deal" Financing Increased to $55,000,000

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/07/07 -- NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Kodiak Exploration Ltd. (the "Company") (TSX VENTURE: KXL)(FRANKFURT: KX3) has agreed with the underwriting syndicate led by National Bank Financial Inc. and Cormark Securities Inc. to increase the size of the overallotment option on the private placement "bought deal" financing announced yesterday by up to 789,474 common shares and 416,667 flow-through common shares, resulting in an option to purchase up to 3,421,053 common shares at a price of $3.80 per share and 416,667 flow-through common shares at a price of $4.80 per share. The exercise of the option in full would result in gross proceeds of approximately $55 million. Closing of the offering is scheduled for November 27, 2007. The private placement is subject to acceptance by the TSX Venture Exchange. All securities issued will be subject to a mandatory four-month hold period from the date of closing. As announced yesterday, the Company will use the proceeds of the offering for the ongoing exploration of the Company's Hercules Gold Project in northwestern Ontario, land acquisitions and general corporate purposes. Kodiak is a mineral exploration company with significant projects in three different sectors of the mining resource industry. Through regional, grass-roots generative exploration and new geological models the Company has built a portfolio of 100% controlled projects focused on gold, base metals (nickel/copper), and uranium in three different areas of Canada. Maps, photographs, detailed geologic reports and additional information may be viewed on our web site at www.kodiakexp.com. On behalf of the Board of Directors KODIAK EXPLORATION LIMITED William S. Chornobay, Director, President This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements. This release has been prepared by management - TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Contacts: Kodiak Exploration Limited William S. Chornobay Director, President (604) 688-9006 (604) 688-9029 (FAX) Email: info@kodiakexp.com Website: www.kodiakexp.com