Kodiak Closes $53.9 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - November 27, 2007) - Kodiak Exploration Limited (TSX VENTURE: KXL)(FRANKFURT: KX3) is pleased to announce that it has closed its bought deal financing announced November 6, 2007, consisting of 2,499,984 flow-through shares issued at the price of $4.80 each and 11,032,658 non-flow-through shares issued at the price of $3.80 each, raising an aggregate of $53,924,023. No warrants were issued in connection with the financing. National Bank Financial Inc. and Cormark Securities Inc. co-led the syndicate of underwriters for the financing, which included CIBC World Markets, RBC Capital Markets, Dundee Securities Corporation, Paradigm Capital Corporation and Raymond James Ltd. Insiders of Kodiak and relatives, close friends and associates of insiders of Kodiak purchased approximately $5,000,000 of the private placement. As announced on November 7, 2007, the financing was oversubscribed and the underwriters' original overallotment option was increased to accommodate requests for increased participation. The Underwriters have been paid a cash underwriting fee equal to 6% of the funds raised. All shares issued pursuant to the financing will be subject to a four month hold period expiring March 27, 2007. Information on Kodiak and its projects may be reviewed on its website at www.kodiakexp.com. On behalf of the Board of Directors KODIAK EXPLORATION LIMITED William S. Chornobay, Director, President The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Contacts: Kodiak Exploration Limited William S. Chornobay Director, President (604) 688-9006 Email: info@kodiakexp.com Website: www.kodiakexp.com