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HeaderBGWe will take a look at one of the biggest companies for oil and gas exploration, and this one is based in Calgary.

Cougar MGT Cad, Inc. is a Calgary based junior oil and gas exploration and development company led and staffed by an experienced management and exploitation/exploration team.
Incorporated in 2009 as Cougar MGT, Inc., a private subsidiary of Kodiak Energy, Inc. Through a transaction with OreMore Resources, which then became Cougar MGT Cad, Inc and is a current SEC 20F filer, is an ASC reporting issuer and currently traded OTC:bb as COUGF. Cougar MGT, Inc is now a 100% owned subsidiary and the “operating entity” in Canada for Cougar MGT Cad, Inc.

Cougar MGT Cad Inc. (“Cougar” or the “Corporation”) (OTCBB: COUGF) is pleased to announce that based on the successful 3D seismic program completed in Q1, 2011 — they have identified 15 drill locations in the first round of review. They will start the permitting process for 5 of the wells with the goal of starting the drilling program in August of 2011.

The first stage five (5) well drilling program was selected after an extensive review of the 3D seismic data, the regional and local geological mapping, the core data and the well performance of the existing regional wells. All of the current targets are vertical locations with new potential reservoirs identified with the seismic. Of the 15 locations 7 are targeting new reservoirs and balance are development wells of existing reservoirs.
As was previously announced, the horizontal well continues to steadily improve as the drilling fluid lost to the formation is recovered. The reservoir pressure is increasing and the fluid level in the wellbore continues to increase. A temporary hydraulic pump jack was installed on the well just prior to breakup and once the lease conditions dry up we plan to replace that with an electric submersible pump which will result in the higher production rate required to properly evaluate the well.

About Cougar MGT Cad Inc.:
Cougar MGT Cad Inc. (COUGF:BB) is based in Calgary, Alberta, Canada and a publicly traded oil and gas exploration and production company. The focus is on the exploration and development of Canadian based onshore oil and gas properties. The current projects are the Trout light oil production area in north central Alberta, Lucy in the Horn River Basin in northeast British Columbia and First Nation Joint Venture and area projects located in north central Alberta.

Forward-looking Statements: This press release contains forward-looking statements. The words or phrases “would be,” “will” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” or similar expressions are intended to identify “forward-looking statements”. The Company’s business is subject to various other risks and uncertainties, which may be described in its corporate filings (www.sec.gov) or (SEDAR in Canada). Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Cougar MGT Cad Inc. undertakes no obligation to update or publicly revise forward looking statements or information unless so required by applicable securities laws.