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Kodiak Oil & Gas Corp. Announces 2013 Capital Budget & Provides 2013 Sales Volumes Guidance

Management Comment

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."



Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding the Company's expectations of future performance; the Company's expectations regarding the amount and allocation of future capital expenditures and the sources and availability of capital resources; the Company's expectations regarding the timing and success of its exploration and development plans; the Company's expectations regarding drilling plans, utilization of drill rigs and completion crews, and the economics of its drilling activities the Company's expectations regarding the amount and sufficiency of future cash flows; statements regarding the Company's expectations as to Kodiak's exploration, development, anticipated improvements in operational efficiencies and cost reductions, production estimates and forecasts, and expectations regarding our ability to execute our 2013 program. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed in Kodiak's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012.



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