UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934

                  For the fiscal year ended December 31, 2004.

[X]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

               Commission file number 333-38558

            Kodiak Energy, Inc. (formerly Island Critical Care, Corp.
           ----------------------------------------------------------
                 (Name of small business issuer in its charter)


                   Delaware                            65-0967706
         ------------------------------            ------------------
         State or other jurisdiction of            (I.R.S. Employer
         incorporation or organization             Identification No.)



             31 Walmer Rd Suite 6 Toronto, On             M5R 2W7
         ----------------------------------------        ---------
         (Address of principal executive offices)        (Zip Code)

                    Issuer's telephone number (416) 928-3095

Securities registered under Section 12(b) of the Exchange Act:  None

Securities registered under Section 12(g) of the Exchange Act:
                         Common Stock, $0.001 par value

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. [X] Yes [ ] No


Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [X]

The Company experienced a net loss in the amount of $62,613 for the fiscal year
ended December 31, 2004.

The number of shares of Common Stock, $0.001 par value, outstanding on December
31, 2004, was 474,028 shares, held by approximately 780 stockholders.


<PAGE>


Documents incorporated herein by reference: None.

Transitional Small Business Disclosure Format: Yes [ ]; No [x ].
This form 10KSB contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements are necessarily based on
certain assumptions and are subject to significant risks and uncertainties. Such
assumptions are indicated by terminology such as, "believes," "it appears," "the
Company is informed," and the like, while such forward-looking statements are
indicated by terminology such as, "plans," "intends," and similar words which
refer to future conditions. These forward-looking statements are based on
management's expectations as of the date hereof, and the Company does not
undertake any responsibility to update any of these statements in the future.
Actual future performance and results could differ from that contained in or
suggested by these forward looking statements as a result of risk factors set
forth in this Form 10KSB.

In this form 10KSB, references to the "Company," "we," "us," and "our" refer to
Island Critical Care Corp.




                           ISLAND CRITICAL CARE CORP.

                                   Form 10-KSB
                   For the Fiscal Year Ended December 31, 2004

                                TABLE OF CONTENTS


PART 1

Item 1.  Description of business ..........................................3

Item 2.  Description of Property ..........................................5

Item 3.  Legal Proceedings ................................................5

Item 4.  Submission of Matters to a Vote of Security Holders ..............5

PART II

Item 5.  Market for Common Equity and Related Stockholder Matters .........5

Item 6.  Management's Discussion and Analysis or Plan of Operation ........6

Item 7.  Financial statements .............................................8

Item 8.  Changes In and Disagreements With Accountants on Accounting
         and Financial Disclosure ........................................16

Item 8A. Controls and Procedures..........................................16

PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
         Compliance With Section 16(a) of the Exchange Act ...............16

Item 10. Executive Compensation ..........................................17

Item 11. Security Ownership of Certain Beneficial Owners and
         Management.......................................................17

Item 12. Certain Relationships and Related Transactions ..................17

Item 13. Exhibits and Reports on Form 8-K ................................18

Item 14. Principal Accountants Fees and Services..........................18


                                      -2-
<PAGE>


Part 1

ITEM 1. DESCRIPTION OF BUSINESS

We were incorporated in Delaware on December 15, 1999. On December 22, 1999 we
merged with Island Critical Care Corp., an inactive Florida corporation. The
purpose of this merger was to effect a change in the domicile of the Florida
Corporation to Delaware. Island Critical Care Corp. (a Florida corporation), was
originally incorporated on March 15, 1996 under the name 9974 Holdings Inc., and
subsequently changed its name from 9974 Holdings Inc. to Ontario Midwestern
Railway Co. Inc, and finally the Florida Corporation's name was changed to
Midwestern Railway Co. Inc. All three changes in name of the Florida Corporation
were completed prior to its merger with the Delaware Corporation. On January 13,
2000, we merged with Island Critical Care Corporation, an Ontario Corporation.
On December 27, 2004 we changed our name from Island Critical Care to Kodiak
Energy, Inc.

Reorganizataion

On February 5, 2003 the Company filed a petition for bankruptcy in the District
of Prince Edward Island, Division No. 01-Prince Edward Island Court No. 1713,
Estate No. 51-104460. The Company emerged from Bankruptcy pursuant to a court
order on April 7, 2004 with no assets and no liabilities.

Under the terms of the Bankruptcy Court Order, Marc Juliar became the sole
officer and director of the company. As well Mr. Juliar was issued fifteen
million common shares by the court

Upon its recent emergence from bankruptcy, the Company has been seeking, and
will continue to seek, potential operating businesses and business opportunities
with the intent to acquire or merge with such businesses. The Company is
considered a development stage company and its principal purpose is to locate
and consummate a merger or acquisition with a private entity. Because of the
Company's current status of having only nominal assets and no recent operating
history, in the event the Company does successfully acquire or merge with an
operating business opportunity, it is likely that the Company's current
shareholders will experience substantial dilution and a resultant change in
control of the Company.

BUSINESS

The Company is no longer operating as Island Critical Care, the Predecessor
Company, and has emerged from Bankruptcy protection as a development stage
company with no assets and liabilities. The past results of the Predecessor
Company are no longer relevant to the operations of the Company.

As a result of the Bankruptcy Order, we are currently headquartered in Toronto,
Canada at the address set forth above.


RISKS

The Company has no recent operating history and no representation is made, nor
is any intended, that the Company will in fact be able to carry on future
business activities successfully.

Development stage companies like the Company compete to obtain favorable
business opportunities. The Company faces competition from other development
stage companies similarly situated.

The Company is unable to ascertain the exact number of competitor companies, or
whether or when such competitors' competitive positions could improve or change.
Thus, The Company may be unable to acquire merger or other partners or otherwise
locate business combinations on terms acceptable to management. Accordingly,
such competition, although customary with development stage companies, could
result in delays, increased costs, or other types of adverse consequences
affecting The Company and its financial condition.


                                      -3-
<PAGE>


Need for Additional Capital or Financing and Risks Associated Therewith

Management does not presently intend to borrow funds to compensate any persons,
consultants, promoters or affiliates in relation to the implementation of its
plans. However, if the Company engages outside advisors or consultants in its
search for opportunities, it may be necessary for the Company to attempt to
raise additional funds. As of the date hereof, the Company has not made any
arrangements or definitive agreements to use outside advisors or consultants or
to raise any capital. In the event the Company does need to raise capital, most
likely the only method available to the Company would be the private sale of its
securities. These possible private sales would more than likely have to be to
persons known by the director or other shareholders of the Company or to venture
capitalists that would be willing to accept the substantial risks associated
with investing in a company with limited history, no current operations and
nominal capital.

Because of the nature of the Company as a development stage company, it is
unlikely that it could make a public offering of securities or be able to borrow
any significant sum from either a commercial or private lender. Management will
attempt to acquire funds or financing, if necessary, on the best available
terms. However, there can be no assurance that the Company will be able to
obtain additional funding or financing when and if needed, or that such funding,
if available, can be obtained on terms reasonable or acceptable to the Company.
Although not presently anticipated, a possibility exists that the Company would
offer and sell additional securities to its existing shareholders or their
affiliates or possibly even "accredited investors."

Risks of Penny Stock Investing

The Company's common stock is considered to be a "penny stock" because it meets
one or more of the definitions in the Exchange Act Rule 3a51-1, a Rule made
effective on July 15, 1992. These include but are not limited to the following:
(i) the stock trades at a price less than five dollars ($5.00) per share; (ii)
it is NOT traded on a "recognized" national exchange; (iii) it is NOT quoted on
the NASD's automated quotation system (NASDAQ), or even if so, has a price less
than five dollars ($5.00) per share; OR (iv) is issued by a company with net
tangible assets less than $2,000,000, if in business more than three years
continuously, or $5,000,000, if in business less than a continuous three years,
or with average revenues of less than $6,000,000 for the past three years. The
principal result or effect of being designated a "penny stock" is that
securities broker-dealers cannot recommend the stock but must trade in it on an
unsolicited basis.

Risks Related to Broker-Dealer Requirements Involving Penny Stocks / Risks
Affecting Trading and Liquidity

Section 15(g) of the Securities Exchange Act of 1934, as amended, and Rule 15g-2
promulgated thereunder by the Commission require broker-dealers dealing in penny
stocks to provide potential investors with a document disclosing the risks of
penny stocks and to obtain a manually signed and dated written receipt of the
document before effecting any transaction in a penny stock for the investor's
account. These rules may have the effect of reducing the level of trading
activity in the secondary market, if and when one develops.

Potential investors in the Company's common stock are urged to obtain and read
such disclosure carefully before purchasing any shares that are deemed to be
"penny stock." Moreover, Commission Rule 15g-9 requires broker-dealers in penny
stocks to approve the account of any investor for transactions in such stocks
before selling any penny stock to that investor. This procedure requires the
broker-dealer to (i) obtain from the investor information concerning his or her
financial situation, investment experience and investment objectives; (ii)
reasonably determine, based on that information, that transactions in penny
stocks are suitable for the investor and that the investor has sufficient
knowledge and experience as to be reasonably capable of evaluating the risks of
penny stock transactions; (iii) provide the investor with a written statement
setting forth the basis on which the broker-dealer made the determination in
(ii) above; and (iv) receive a signed and dated copy of such statement from the
investor, confirming that it accurately reflects the investor's financial
situation, investment experience and investment objectives. Pursuant to the
Penny Stock Reform Act of 1990, broker-dealers are further obligated to provide
customers with monthly account statements. Compliance with the foregoing
requirements may make it more difficult for investors in the Company's stock to
resell their shares to third parties or to otherwise dispose of them in the
market or otherwise.


                                      -4-
<PAGE>


ITEM 2. DESCRIPTION OF PROPERTY

The offices of Island Critical Care are located at 31 Walmer Rd, Suite 6,
Toronto, Ontario, M5R 2W7. We are entitled to use office space otherwise
provided to our executive officer pursuant to an oral agreement. In addition, we
are provided office services as may be required. We currently do not pay any
amount for the office space or services. Any costs of this office are considered
immaterial to the financial statements and accordingly are not reflected
therein. We believe that this facility is adequate to meet our corporate needs
in the foreseeable future. If in the future, we are obligated to pay rent at
this location or obtain other rental space for our business operations we
believe that space is readily available but we may not be able to afford the
lease payments unless we receive financing.


Employees
Island Critical Care had one part time employee as of December 31, 2004. We
expect to hire from time to time, independent consultants and contractors during
the stages of implementing our business plan.

ITEM 3. LEGAL PROCEEDINGS.

        The Company is not presently a party to any material litigation, nor to
the knowledge of management is any litigation threatened against us that may
materially affect us.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

On December 27, 2004, the company held an annual meeting of the shareholders to
vote on certain matters. At the meeting Marc Juliar was elected as director to
serve until the next annual meeting of the shareholders of the company.

The company also changed its name from Island Critical Care to Kodiak Engery,
Inc. The votes for this action were 25,641,821 for, 73,500 against and no
abstaining votes. The shareholders of the company voted in favor of a one for
one reverse split of the company's common stock. The votes were as follows,
25,502,154 for, 213,167 against and no abstaining votes. The shareholders of the
corporation voted in favor of amending the company's articles of incorporation
to increase the authorized number of common shares to 100,000,000. The votes
were as follows, 25,391,154 for, 319,167 against and 5,000 abstaining.

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Market Information

PREDECESSOR COMPANY

The Company's common stock was originally listed on the Over the Counter
Bulletin Board ("OTC-BB") as 2001. The Company's stock was delisted to the Pinks
Sheets in July 2003 for not filing its March 31, 2003 10K on a timely basis.

SUCCESSOR COMPANY

The Company's stock is currently quoted on the Pink Sheets under the symbol
ILCC. The Company's trading ranges by quarter for fiscal 2004 and 2005 were as
follows:

                                           High             Low

Year end March 31,2004
         First Quarter                    $0.0005          $0.005
         Second Quarter                   $0.0005          $0.01
         Third Quarter                    $0.001           $0.01
         Fourth Quarter                   $0.001           $0.005

Year end Dec 31, 2004
         First Quarter                    $ .011           $ .005
         Second Quarter                   $ .03            $ .006
         Third Quarter                    $ .02            $ .0065


                                      -5-
<PAGE>


The Company has not paid cash dividends since inception. The Company intends to
retain all of its earnings, if any, for use in its business and does not
anticipate paying any cash dividends in the foreseeable future. The payment of
any future dividends will be at the discretion of the board of directors and
will depend upon a number of factors, including future earnings, the success of
the company's business activities, capital requirements, the general financial
condition and future prospects of the company, general business conditions and
such other factors as the board of directors may deem relevant.

RECENT SALES OF UNREGISTERED SECURITIES

On April 7, 2004, the Company issued 15 million shares of common stock to Mr.
Marc Juliar pursuant to the Bankruptcy Order. For financial statement purposes,
the Company has shown 47,900,812 shares of common stock issued and outstanding.
As at December 31, 2003 there were 33,355,812 shares of common stock issued and
outstanding.

Holders

     As of December 31, 2004, there were approximately 780 holders of record of
our common stock.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Plan of Operations

   All statements contained herein that are not historical facts, including, but
not limited to, statements regarding the Company's current business strategy,
the Company's projected sources and uses of cash, and the Company's plans for
future development and operations, are based upon current expectations. These
statements are forward-looking in nature and involve a number of risks and
uncertainties. Actual results may differ materially. Among the factors that
could cause actual results to differ materially are the following: the
availability of sufficient capital to finance the Company's business plans on
terms satisfactory to the Company; competitive factors; changes in labor,
equipment and capital costs; changes in regulations affecting the Company's
business; future acquisitions or strategic partnerships; general business and
economic conditions; and factors described from time to time in the reports
filed by the Company with the Securities and Exchange Commission. The Company
cautions readers not to place undue reliance on any such forward-looking
statements, which statements are made pursuant to the Private Litigation Reform
Act of 1995 and, as a result, are pertinent only as of the date made.

REORGANIZATION

On February 5, 2003, the Company filed a Petition for Bankruptcy in the District
of Prince Edward Island, Division No. 01, Estate No. 51-104460

On April 8, 2004, after notice to all creditors and a formal hearing, Bankruptcy
Judge Charles P. Thomson issued an "Order Approving Proposal" in the Bankruptcy
Action (hereinafter "Bankruptcy Order"). In conjunction with that Bankruptcy
Order, the Company's liabilities, among other things, were paid off and
extinguished. See Exhibit 2.2 attached hereto and incorporated by reference, a
full and complete copy of such Bankruptcy Order.

The Bankruptcy Order, among other things, implements a change of control whereby
Marc Juliar took control of the Company.

PLAN OF OPERATION

The Company is no longer operating as Island Critical Care, the Predecessor
Company, and has emerged from Bankruptcy protection as a development stage
company with no assets and liabilities. Accordingly, the Company has prepared
this Plan of Operations to discuss its current plans. The past results of the
Predecessor Company are no longer relevant to the operations of the Company.

As a result of the Bankruptcy Order and the implementation of the Order
Confirming the Proposal, we are currently headquartered in Toronto, Canada at
the address set forth above.


                                      -6-
<PAGE>


During the next twelve months, the Company will actively seek out and
investigate possible business opportunities in the oil and gas business with the
intent to acquire or merge with one or more business ventures. Because the
Company lacks cash and other capital resources, it may be necessary for the
officers and directors to either advance funds to the Company or to accrue
expenses until such time as a successful business consolidation can be made.

Management intends to hold expenses to a minimum and to obtain services on a
contingency basis when possible. Further, the Company's directors will defer any
compensation until such time as an acquisition or merger can be accomplished and
will strive to have the business opportunity provide their remuneration, if any.
However, if the Company engages outside advisors or consultants in its search
for business opportunities, it may be necessary for the Company to attempt to
raise additional funds.

As of the date hereof, the Company has not made any arrangements or definitive
agreements to use outside advisors or consultants or to raise any capital As
further stated elsewhere herein, in the event the Company does need to raise
capital most likely the only method available to the Company would be the
private sale of its securities. Because of the nature of the Company as a
development stage company, it is unlikely that it could make a public sale of
securities or be able to borrow any significant sum from either a commercial or
private lender. There can be no assurance that the Company will be able to
obtain additional funding when and if needed, or that such funding, if
available, can be obtained on terms acceptable to the Company.

The Company does not intend to use any employees, with the possible exception of
part-time clerical assistance on an as-needed basis. Outside advisors or
consultants will be used only if they can be obtained for minimal cost or on a
deferred payment basis. Management is confident that it will be able to operate
in this manner and to continue its search for business opportunities during the
next twelve months.





































                                      -7-
<PAGE>


ITEM 7.  FINANCIAL STATEMENTS


MADSEN & ASSOCIATES, CPA's Inc.                        684 East Vine St, Suite 3
-----------------------------------------------------         Murray, Utah 84107
Certified Public Accountants and Business Consultants     Telephone 801 268-2632
                                                                Fax 801-262-3978

Board of Directors
Kodiak Energy, Inc.
Toronto, Ontario, Canada

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We  have  audited  the  accompanying   balance  sheet  of  Kodiak  Energy,  Inc.
(development  stage company) at December 31, 2004, and the related  statement of
operations,  stockholders'  equity,  and cash  flows for the nine  months  ended
December  31,  2004 and the years  ended  March 31, 2004 and 2003 and the period
April 1, 2003 (date of  inception  of  development  stage) to December 31, 2004.
These financial  statements are the responsibility of the Company's  management.
Our responsibility is to express an opinion on these financial  statements based
on our audit.

We conducted  our audit in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management  as well as  evaluating  the overall
balance  sheet  presentation.  We believe  that our audit  provides a reasonable
basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Kodiak Energy, Inc. at December
31, 2004, and the related  statement of operations,  and cash flows for the nine
months  ended  December 31, 2004 and the years ended March 31, 2004 and 2003 and
the period April 1, 2003 (date of inception  of  development  stage) to December
31, 2004, in conformity with  accounting  principles  generally  accepted in the
United States of America

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue as a going  concern.  The Company  will need  additional
working capital to service its debt and for any planned  activity,  which raises
substantial doubt about its ability to continue as a going concern. Management's
plans in regard to these  matters are  described  in the notes to the  financial
statements. These financial statements do not include any adjustments that might
result from the outcome of this uncertainty.


                                           s\ Madsen & Associates, CPA's Inc.
Salt Lake City, Utah,
January 25, 2005







                                      -8-
<PAGE>


                               KODIAK ENERGY, INC.
                           (Development Stage Company)
                                  BALANCE SHEET
                                December 31, 2004

--------------------------------------------------------------------------------


ASSETS
CURRENT ASSETS

   Cash                                                             $      --
                                                                    -----------

           Total Current Assets                                     $      --
                                                                    ===========





LIABILITIES AND STOCKHOLDERS'  DEFICIENCY
CURRENT LIABILITIES

    Accounts payable - related parties                              $    36,713
                                                                    -----------

           Total Current Liabilities                                     36,713
                                                                    -----------


STOCKHOLDERS'  DEFICIENCY

   Common stock

        100,000,000 shares authorized, at $0.001 par value;
        474,028 shares issued and outstanding                               474
    Capital in excess of par value                                    1,839,602
     Accumulated deficit  - note 1                                   (1,876,789)
                                                                    -----------

         Total  Stockholders'  Deficiency                           $   (36,713)
                                                                    ===========






   The accompanying notes are an integral part of these financial statements.






                                      -9-
<PAGE>

<TABLE>
<CAPTION>
                                           KODIAK ENERGY, INC.
                                       (Development Stage Company)
                                         STATEMENT OF OPERATIONS
                     For the Nine Months Ended December 31, 2004 and the Years Ended
                           March 31, 2004 and 2003 and the Period April 1, 2003
                      (Date of Inception of Development Stage) to December 31, 2004

---------------------------------------------------------------------------------------------------------

                                                Dec 31,        Mar 31,        Mar 31,     Apr 1, 2003 to
                                                 2004           2004           2003       Dec  31, 2004
                                              -----------    -----------    -----------   --------------
<S>                                           <C>            <C>            <C>           <C>
REVENUES                                             --      $    24,708    $    71,617    $    24,708
COST OF SALES                                        --           20,346         48,043         20,346
                                                             -----------    -----------    -----------
                                                                   4,362         23,574          4,362
                                                             -----------    -----------    -----------
EXPENSES

 Administrative                                    37,613         11,757        677,125         49,370
 Depreciation and amortization                                    16,967         41,947         16,967
                                              -----------    -----------    -----------    -----------
                                                   37,613         28,724        719,072         66,337
                                              -----------    -----------    -----------    -----------
NET LOSS FROM OPERATIONS -
 before other income and expenses                 (37,613)       (24,362)      (695,498)       (61,975)

OTHER INCOME AND EXPENSES

 Gain on settlement of debt from bankruptcy                         --        2,152,827           --
 Government grants                                                  --           15,251           --
 Gain on disposal of assets                                      230,490           --          230,490
 Loss from valuation adjustment of assets         (25,000)          --          (99,195)       (25,000)
 Interest expense                                                    (99)       (32,416)           (99)

                                              -----------    -----------    -----------    -----------

NET INCOME -  from operations                     (62,613)       206,029      1,340,969    $   143,416
                                                                                           ===========

OTHER COMPREHENSIVE INCOME

 Foreign currency translation adjustment                          (9,367)       (70,561)

NET COMPREHENSIVE INCOME                      $   (62,613)   $   196,662    $ 1,270,408
                                              ===========    ===========    ===========



NET PROFIT (LOSS) PER COMMON SHARE
 Basic and diluted                            $      (.13)   $       .64    $      4.14
                                              -----------    -----------    -----------

WEIGHTED AVERAGE OF OUTSTANDING
  COMMON SHARES -  (stated in 1,000's)
 Basic                                                474            324            324
                                              -----------    -----------    -----------



                The accompanying notes are an integral part of these financial statements.


                                                   -10-
</TABLE>
<PAGE>


<TABLE>
<CAPTION>
                                                 KODIAK ENERGY, INC.
                                             (Development Stage Company)
                                          STATEMENT OF STOCKHOLDERS' EQUITY
                           Period April 21, 1998 (Date of Inception) to December 31, 2004

--------------------------------------------------------------------------------------------------------------------

                                                                        Capital in                    Accumulated
                                                  Common Stock          Excess Over                   Comprehensive
                                               Shares      Amount       Par Value        Deficit      Income(Loss)
                                               ------    -----------    -----------    -----------    -----------
<S>                                            <C>       <C>            <C>            <C>            <C>
Balance April 21, 1998                            --     $      --      $      --      $      --      $      --
Issuance of common stock for cash -
    organization of Canadian Company           101,745           102          6,062           --
Net operating loss for the period                               --             --             --             --
   ended March 31,1999                            --            --             --          (56,941)          --
Issuance of common stock for cash -
   net of offering costs of $249,835            29,911            30        863,626           --             --
Issuance of common stock for stock
   subscriptions                                 8,769             8             (8)          --             --
Issuance of common stock for services           10,010            10            (10)
                                               -------   -----------    -----------    -----------
Balance After Recapitalization                 150,435           150        869,670        (56,941)          --
Acquisition of Florida Company                    --            --         (150,000)          --             --
Issuance of common stock for merger
   with Island Critical Care Corp - Florida     30,774            31            (31)          --             --
Net operating loss for the year ended
   March 31, 2000                                 --            --             --         (378,887)        (4,896)
Contributions to capital                          --            --          183,920           --             --
Net operating loss for the year ended
   March 31, 2001                                 --            --             --       (1,185,531)        24,005
Contributions to capital                          --            --          107,397           --             --
Issuance of common stock for stock options         500             1          6,270           --             --
Issuance of common stock for services           57,823            58        335,287           --             --
Issuance of common stock for payment of debt     6,019             6        146,487           --             --
Net operating loss for the year
   ended March 31, 2002                           --            --             --       (1,718,076)        39,080
Issuance of common stock for services           78,477            78        314,852           --             --
Net operating income for the year
   ended March 31, 2003                           --            --             --        1,340,969        (70,561)
Net operating income  for the year
   ended March 31, 2004                           --            --             --          206,029         (9,367)
Adjust accumulated comprehensive income (loss)    --            --             --          (21,739)        21,739
                                               -------   -----------    -----------    -----------    -----------
Balance March 31, 2004                         324,028           324      1,813,852     (1,814,176)          --
Issuance of common stock to settle bankruptcy  150,000           150         24,850           --
Contributions to capital                          --            --              900           --
Net operating loss for the nine months
    ended December 31, 2004                       --            --             --          (62,613)
                                               -------   -----------    -----------    -----------
Balance December 31, 2004                      474,028   $       474    $ 1,839,602    $(1,876,789)
                                               =======   ===========    ===========    ===========




                      The accompanying notes are an integral part of these financial statements

                                                        -11-
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                                         KODIAK ENERGY, INC.
                                     (Development Stage Company)
                                       STATEMENT OF CASH FLOWS
                         For the Nine Months Ended December 31, 2004 and the
                          Years Ended March 31, 2004 and 2003 and the Period
             April 1, 2003 (Date of Inception of Development Stage) to December 31, 2004

-----------------------------------------------------------------------------------------------------

                                            Dec 31,        Mar 31,        Mar 31,     Apr 1, 2003 to
                                             2004           2004           2003       Dec 31, 2004
                                          -----------    -----------    -----------   --------------
<S>                                       <C>            <C>            <C>           <C>
CASH FLOWS FROM

 OPERATING ACTIVITIES
 Net profit (loss)                        $   (62,613)   $   206,029    $ 1,340,969    $   143,416
 Adjustments to reconcile net loss to
   net cash provided by operating
   activities
    Loss from valuation adjustment             25,000           --             --           25,000
    Contributions to capital                      900           --             --              900
    Gain on sale of assets                                  (230,490)          --         (230,490)
    Depreciation and amortization                             16,967         41,947         16,967
    Issuance of common stock for services                       --          314,930           --
    Change in assets and liabilities
     Changes in accounts receivables                          10,290         16,647         10,290
     Inventory                                                17,893         13,209         17,893
     Prepaid expenses                                          4,157         16,475          4,157
     Accounts payable                          36,713        (38,273)      (705,799)        (1,560)
                                          -----------    -----------    -----------    -----------
      Net Change from Operations                 --          (13,427)     1,038,378        (13,427)
                                          -----------    -----------    -----------    -----------


CASH FLOWS FROM INVESTING
 ACTIVITIES
   Proceeds from sale of assets                  --          302,997        204,839        302,997
                                          -----------    -----------    -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES
   Payment on debt                               --         (264,842)    (1,221,413)      (264,842)
                                          -----------    -----------    -----------    -----------

EXCHANGE RATE ADJUSTMENT                         --          (29,420)        17,112)       (29,420)
                                          -----------    -----------    -----------    -----------

 Net Change in Cash                              --           (4,692)         4,692         (4,692)
 Cash at Beginning of Period                     --            4,692           --            4,692
                                          -----------    -----------    -----------    -----------
 Cash at End of Period                    $      --      $      --      $     4,692    $      --
                                          ===========    ===========    ===========    ===========





              The accompanying notes are an integral part of these financial statements.


                                                -12-
</TABLE>
<PAGE>


                               KODIAK ENERGY, INC.
                           (Development Stage Company)
                          NOTES TO FINANCIAL STATEMENT
                                December 31, 2004

--------------------------------------------------------------------------------

1.   ORGANIZATION

The Company was incorporated under the laws of the state of Delaware on December
15, 1999 under the name "Island  Critical Care,  Corp." with  authorized  common
stock of 50,000,000  shares with a par value of $.001.  On December 30, 2004 the
name was changed to "Kodiak  Energy,  Inc." and the authorized  common stock was
increased to 100,000,000 shares with the same par value. On January 17, 2005 the
Company completed a reverse common stock split of 100 outstanding shares for one
share. This report has been prepared showing post split shares from inception.

The Company was engaged in the development of the  manufacture and  distribution
of medical  instrumentation and it became inactive after the bankruptcy outlined
below.

The Company is considered to be in the development stage starting April 1, 2003.

Merger
------
On January 13, 2000, the Company acquired all of the outstanding stock of Island
Critical Care Corporation,  an Ontario, Canada corporation,  in a plan of merger
in which the Company was the survivor. The terms of the acquisition included the
issuance of 150,435 post split shares of the Company.  The business  combination
was  accounted  for as a  recapitalization  of  the  Company,  accordingly,  the
financial statements presented reflect the historical operations of the Canadian
Company  starting  on April 21,  1998,  the date of  inception  of the  Canadian
Company.

Bankruptcy
----------
On February 5, 2003 the Company filed a petition for bankruptcy in the District
of Prince Edward Island, Division No. 01-Prince Edward Island Court No. 1713,
Estate No. 51-104460, titled "Island Critical Care Corp.". The Company emerged
from bankruptcy pursuant to a Bankruptcy Court Order entered on April 7, 2004
with no remaining assets or liabilities.

The  terms of the  bankruptcy  settlement  included  the  authorization  for the
issuance of 150,000 post split restricted common shares in exchange for $25,000,
which was paid into the bankruptcy court by the recipients of the shares.

Change in Fiscal Year
---------------------
The Company changed its fiscal year end from March 31 to December 31.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Methods
------------------

The  Company  recognizes  income and  expenses  based on the  accrual  method of
accounting.


                                      -13-
<PAGE>


                               KODIAK ENERGY, INC.
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                December 31, 2004

--------------------------------------------------------------------------------

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Dividend Policy
---------------

The Company has not yet adopted a policy regarding payment of dividends.

Income Taxes
------------

The Company utilizes the liability method of accounting for income taxes.  Under
the liability method deferred tax assets and liabilities are determined based on
the differences  between financial reporting and the tax bases of the assets and
liabilities  and are measured  using the enacted tax rates and laws that will be
in effect,  when the differences are expected to reverse.  An allowance  against
deferred tax assets is  recognized,  when it is more likely than not,  that such
tax benefits will not be realized.

On April 7, 2004,  the  Company had a  substantial  change in  stockholders  and
therefore the amount of net operating  loss  available for carry forward has not
been determined.

Basic and Diluted Net Income (Loss) Per Share
---------------------------------------------

Basic net income  (loss) per share  amounts are  computed  based on the weighted
average  number of shares  actually  outstanding.  Diluted net income (loss) per
share amounts are computed  using the weighted  average  number of common shares
and common  equivalent  shares  outstanding  as if shares had been issued on the
exercise of any common share rights unless the exercise becomes antidilutive and
then only the basic per share amounts are shown in the report.

Financial and Concentrations Risk
---------------------------------

The Company does not have any concentration or related financial credit risk.

Revenue Recognition
-------------------

Revenue is recognized on the sale and delivery of a product or the completion of
a service provided.

Advertising and Market Development
----------------------------------

The company expenses advertising and market development costs as incurred.

Financial Instruments
---------------------

The carrying amounts of financial instruments are considered by management to be
their estimated fair values.


                                      -14-
<PAGE>


                               KODIAK ENERGY, INC.
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                December 31, 2004

--------------------------------------------------------------------------------

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Estimates and Assumptions
-------------------------

Management uses estimates and assumptions in preparing  financial  statements in
accordance with generally accepted  accounting  principles.  Those estimates and
assumptions  affect the  reported  amounts of the  assets and  liabilities,  the
disclosure of contingent  assets and liabilities,  and the reported revenues and
expenses.  Actual  results  could vary from the  estimates  that were assumed in
preparing these financial statements.

Recent Accounting Pronouncements
--------------------------------

The  Company  does not  expect  that the  adoption  of other  recent  accounting
pronouncements will have a material impact on its financial statements.

3.   RELATED PARTY TRANSACTIONS

An  officer-director  has acquired 32% of the common capital stock issued at the
emergence from  bankruptcy and has made no interest  demand loans to the Company
of $36,713.

4.   GOING CONCERN

The company will need working  capital for its future  planned  activity,  which
raises  substantial  doubt about its  ability to  continue  as a going  concern.
Continuation  of the  Company as a going  concern is  dependent  upon  obtaining
sufficient  working  capital to be successful in this effort.  The management of
the Company has  developed a strategy,  which it believes will  accomplish  this
objective,  through  additional loans from officers,  and equity funding,  which
will enable the Company to operate for the coming year.











                                      -15-
<PAGE>


ITEM  8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

None


ITEM 8A. CONTROLS AND PROCEDURES

         Disclosure controls and procedures are controls and other procedures
that are designed to ensure that information required to be disclosed in company
reports filed or submitted under the Securities Exchange Act of 1934 (the
"Exchange Act") is recorded, processed, summarized and reported, within the time
periods specified in the Securities and Exchange Commission's rules and forms.
Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed in
company reports filed under the Exchange Act is accumulated and communicated to
management, including the Company's Chief Executive Officer and Chief Financial
Officer (the "Certifying Officers"), as appropriate to allow timely decisions
regarding required disclosure.

         As required by Rules  13a-15 and 15d-15  under the  Exchange  Act,  the
Certifying Officers carried out an evaluation of the effectiveness of the design
and operation of the Company's disclosure controls and procedures as of December
31, 2004. Their evaluation was carried out with the participation of other
members of the Company's management. Based upon their evaluation, the Certifying
Officers concluded that the Company's disclosure controls and procedures were
effective.

         The Company's internal control over financial reporting is a process
designed by, or under the supervision of, the Certifying Officers and effected
by the Company's Board of Directors, management and other personnel, to provide
reasonable assurance regarding the reliability of the Company's financial
reporting and the preparation of the Company's financial statements for external
purposes in accordance with generally accepted accounting principles. Internal
control over financial reporting includes policies and procedures that pertain
to the maintenance of records that in reasonable detail accurately and fairly
reflect the transactions and dispositions of the Company's assets; provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of the Company's financial statements in accordance with generally
accepted accounting principles, and that the Company's receipts and expenditures
are being made only in accordance with the authorization of the Company's Board
of Directors and management; and provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of the Company's assets that could have a material effect on its financial
statements. There has been no change in the Company's internal control over
financial reporting that occurred in the quarter ended March 31, 2004, that has
materially affected, or is reasonably likely to affect, the Company's internal
control over financial reporting.
..

PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
        WITH SECTION 16(a) OF THE EXCHANGE ACT

A.  Section 16(a): Beneficial Ownership Reporting Compliance.

        Section 16(a) of the Securities and Exchange Act of 1934, as amended,
requires our executive officers, directors and persons who beneficially own more
than 10% of a registered class of our equity securities to file with the
Commission initial reports of ownership and reports of changes in ownership of
Common Stock and other equity securities of the Company. Such executive
officers, directors, and greater than 10% beneficial owners are required to
furnish us with copies of all Section 16(a) forms filed by such reporting
persons. Based solely on representation from certain reporting persons, we
believe that all filing requirements applicable to our executive officers,
directors and greater than 10% beneficial owners were complied with.


                                      -16-
<PAGE>


B.      Directors and Executive Officers

        Name             Age            Title
     -----------        -----    ---------------------
     Marc Juliar          26     President, CFO and
                                 Chairman of the Board


i. Marc Juliar - President, Chief Executive Officer and Chairman of the
   Board

Mr. Juliar has served as the Company's President, Chief Executive Officer Chief
Financial Officer and Chairman of the Board since on April 7, 2004. Mr. Juliar
is an independent contractor to the Film, Music Video and T.V. Commercial
production business. Mr. Juliar has held many positions in the filming and
production business. From 2001 until 2002 Mr. Juliar was a student at the
University of Toronto. In 2000 Mr. Juliar was employed by the Bellagio Hotel in
Las Vegas. Mr. Juliar was a food and beverage manager. Mr. Juliar attended the
University of Toronto located in Toronto, Ontario.

During the last five years, no officers or directors have been involved in any
legal proceedings, bankruptcy proceedings, criminal proceedings or violated any
federal or state securities or commodities laws or engaged in any activity that
would limit their involvement in any type of business, securities or banking
activities.

ITEM 10. EXECUTIVE COMPENSATION.

         The following table sets forth all cash compensation for services
rendered in all capacities to the Company, for the year ended December 31, 2004


Summary Compensation Table

Name and Principal                               All Other
Position                   Year     Salary      Compensation
------------------         ----     ------      -------------

Marc Juliar                2004       $0            $0



ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         The following table sets forth information, as of the date of this
report, relating to the beneficial ownership of our common stock by those
persons known to us to beneficially own more than 5% of our capital stock, by
each of our directors, proposed directors and executive officers, and by all of
our directors, proposed directors and executive officers as a group. The address
of each person is care of the Company.


Name of Beneficial Owner(1)        Number of         Percent of
or Director                      Shares of Class       Class
---------------------------      ---------------     ----------

Marc Juliar (2)                     15,000,000          31.3%


         1. As used in this table, "beneficial ownership" means the sole or
shared power to vote, or to direct the voting of, a security, or the sole or
share investment power with respect to a security (i.e., the power to dispose
of, or to direct the disposition of, a security). In addition, for purposes of
this table, a person is deemed, as of any date, to have "beneficial ownership"
of any security that such person has the right to acquire within 60 days after
such date.

         2. Marc Juliar is the President, CFO and Chairman of the Board of
Directors of Island Critical Care Corp.


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

On April 7, 2004, Mr. Juliar purchased an aggregate of 15,000,000 shares of our
common stock for a total amount of $25,000.




                                      -17-
<PAGE>


ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

A. Exhibits

         23.1     Consent of Madsen and Associates. (1)

         31.1     Certification of Chief Executive Officer, pursuant to Rule
                  13a-14(a) of the Exchange Act, as enacted by Section 302 of
                  the Sarbanes-Oxley Act of 2002.(1)

         31.2     Certification of Chief Financial Officer, pursuant to Rule
                  13a-14(a) of the Exchange Act, as enacted by Section 302 of
                  the Sarbanes-Oxley Act of 2002.(1)

         32.1     Certification of Chief Executive Officer and Chief Financial
                  Officer, pursuant to 18 United States Code Section 1350, as
                  enacted by Section 906 of the Sarbanes-Oxley Act of 2002. (1)

(1)  Filed herewith

         b. Reports on Form 8-K

         On April 26, 2004 we filed a current report on Form 8-K announcing our
         emergence from Bankruptcy, change of auditors, change of control and
         the appointment of Marc Juliar as our President and Director.


ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit Fees

         The company paid audit and financial statement review fees totaling
$3,650 for each of the fiscal year ended March 31, 2004 and March 31, 2003 to
Madsen and Associates, CPA's Inc. our current independent accountants.

Audit-Related Fees

         None

Tax Fees

         None

All Other Fees

         None

Audit committee policies & procedures

         The company does not currently have a standing audit committee. The
above services were approved by the company's Board of Directors.


SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

    /s/ Marc Juliar
    ---------------
    Marc Juliar
    President and Chief Financial Officer











                                      -18-