Even while price has declined sharply, from over c4.50 to 2.75, on-balance volume has remained very high.

See chart below.

OBV is a method invented by Joseph Granville to guage whether the smart money is accumulating or distributing a stock.

When the stock goes up, you count the volume that day as a positive. When the stock goes down, that day's volume is a negative. SmartCharts turns it into a nice fever chart, which I am showing above and below the price chart.

You can click on the WEEKLY and change to DAILY and see a similar picture.

http://stockcharts.com/h-sc/ui?s=KXL.V&p=W&b=1&g=0&id=p21116296050

repeating another board member's link to the reuters chart showing institutional ownership rising:

http://stocks.us.reuters.com/stocks/institutionalHolders.asp?symbol=kxl.v

KODIAK Exploration Ltd KXL.V (TSXV) c$2.70.