Commenting on the 2013 CAPEX, Lynn Peterson, Kodiak's Chairman and CEO, said: "The 2013 budget reflects our continued confidence in the development of our Williston Basin leasehold. We are very fortunate to be investing capital in a world-class oil play where we are achieving excellent rates of return. Importantly, we have seen a significant reduction in our well costs over the past year. While we modeled nearly $10 million per-well for drilling and completions costs in our 2013 CAPEX, we expect to achieve lower well costs as we move through 2013. Accordingly, the projected costs are difficult to quantify at this time, but our experience in the second half of 2012 certainly supports a lower-cost trend for 2013. As we enter 2013, we have the majority of our acreage held by production, allowing us to focus on efficient multi-well pad development drilling where we can continue to drive down costs. Of added advantage, much of our infrastructure is already in place which further improves operations. While our 2012 growth in proven reserves, production and cash flow was significant, we planned our 2013 CAPEX program to again deliver meaningful growth for Kodiak and its shareholders."
About Kodiak Oil & Gas Corp.
Denver-based Kodiak Oil & Gas Corp. is an independent energy exploration and development company focused on exploring, developing and producing oil and natural gas primarily in the
Williston Basin in the U.S. Rocky Mountains. For further information, please visit
www.kodiakog.com. The Company's common shares are listed for trading on the New York Stock Exchange under the symbol: "KOG."
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