Kodiak Exploration Limited
TSX VENTURE : KXL
FRANKFURT : KX3

Kodiak Exploration Limited

December 24, 2010 09:34 ET

Kodiak Grants Options to Management and Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2010) - Kodiak Exploration Limited (TSX VENTURE:KXL)(FRANKFURT:KX3) (the "Company") announces that a total of 3,000,000 incentive stock options have been granted to directors and officers of the Company pursuant to the Company's Stock Option Plan. The options are exercisable for a period of five (5) years at a price of $0.355 per share and shall vest as to 331/3% on the date of grant and every 270 days thereafter.

On behalf of the Board of Directors

Brian J. Maher, President and Chief Executive Officer

This release may contain forward-looking statements or statements that relate to programs that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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