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Kodiak Oil & Gas Corp. Provides Interim Operations Update

Stocks in this article: KOG

DENVER, Jan. 10, 2013 /PRNewswire/ -- Kodiak Oil & Gas Corp. (NYSE: KOG), an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota, today provided an interim corporate update on recent completion and drilling activities.

Interim Completion Operations Update Kodiak completion operations in the Williston Basin continue with two full-time, 24-hour-per-day crews.  During December 2012 and into the first 10 days of January 2013, the Company completed 11 gross (8.6 net) operated wells.  Going forward in 2013, based upon the completion work performed to date, the Company expects to achieve five to six gross well completions per month per completion crew.    

Interim Drilling Operations Update Kodiak's drilling operations continue with seven operated rigs.  Currently, three drilling rigs are operating in the Polar project area in southern Williams County, with one rig in each of the Smokey, Koala and Grizzly project areas in McKenzie County as well as one rig operating in Dunn County.  The Company intends to release one of the drilling rigs during the first quarter of 2013 and intends to operate six rigs during the remainder of 2013.

The Company's program to test 12 wells within a drilling spacing unit (DSU) in the Company's Polar and Smokey operating areas continues on schedule.  The Polar pilot project wells will be drilled from three four-well pads, with six wells targeting the Middle Bakken and six wells targeting the two upper intervals of the Three Forks formations.  Drilling from the first four-well pad has commenced.  Kodiak expects to mobilize two additional rigs onto the remaining pads later in the first quarter 2013.     

In Kodiak's Smokey block, two wells within the test DSU are now producing: one from the Middle Bakken and one from Three Forks.  A rig is currently drilling the second of three additional well bores into the same DSU.  Kodiak expects to drill the remaining seven wells following drilling of the Polar pilot program.

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