This is a little puzzling though as I see a transaction date of March 2005 for this in Canadian Insider.  Kodiak's annual report reflects that at the end of 2006 the warrants outstanding had Exercise price of $0.50 cents.  Not sure if I am reading this right but 500,000 shares at a conservative present value of $1.5 million would have cost him $250,000.  If this is correct, either he has a lot on his mind and overlooked it or was unable to put together the $250,000 to excersise them but it seems a little strange.  A positive is that there are 500,000 less shares to dilute value of current shareholder holdings.

Filing Date:  Nov 19/07
Transaction Date:  Mar 08/05
Insider Name:  King, Terrence Earl
Ownership Type:  Indirect Ownership
Securities:  Warrants
Nature of transaction:  55 - Expiration of warrants
# or value acquired or disposed of:  -500,000 

The warrants may be part of this placement with $0.50 warrants although these originally were to be excercised last May 2006 (may have been extended) 

In March 2005, the Company completed a non-brokered private placement of 9,460,332 units at a price of $0.30 per unit to raise gross proceeds of $2,838,100. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant entitles the holder to acquire one additional common share for $0.50 until March 23, 2006. The Company paid $44,000 in cash and issued.