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On March 11, 2009, Kodiak Oil & Gas ( KOG) reported that its net loss widened in Q4FY08, hurt by an asset impairment charge. Net loss increased to $34.01 million or $0.37 per share from $1.30 million or $0.01 per share in the prior year's quarter. The most recent consensus estimate was a loss of $0.03 per share.

Total revenue for the latest fourth quarter plunged 48.1% to $1.22 million from $2.35 million a year ago, as revenue from gas and oil production reduced significantly. Looking at the company's business segments, revenue from Gas production decreased 2.9% to $293,935 from $302,740, while revenue from Oil production slipped 52.4% to $888,807 from $1.87 million. Moreover, Interest revenue plummeted 79.1% to $37,470 from $179,042 on a year-over-year basis.

During the quarter under review, Kodiak's oil and sales volumes slipped 2.1% to 30,756 barrels of oil equivalent (BOE) from 31,427 BOE in the prior year's quarter. Furthermore, the average oil price received diminished 44.5% to $44.65 per barrel from $80.43 per barrel, while the average natural gas price received decreased 26.7% to $4.51 per million cubic feet (Mcf) from $6.15 Mcf in Q4 FY07. As on December 31, 2008, estimated total proved reserves were approximately 3.30 billion cubic feet of natural gas equivalent (Bcfe) or 0.547 million barrels of oil equivalent (MMBoe) compared to 8.30 Bcfe or 1.40 MMBoe in FY07.

For FY08, total revenue decreased 25.3% to $6.96 million from $9.32 million in the previous year. Net loss for the year widened to $56.50 million or $0.62 per share from $38.19 million or $0.44 per share in FY07.

Looking forward to FY09, the company anticipates its capital expenditures in the Williston Basin to be approximately $11.30 million.

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