NEW YORK ( TheStreet) -- Like a fleet-footed dark horse coming from 10 lengths behind, West Texas Intermediate (WTI) crude is almost neck-and-neck with Brent International (BI) oil prices. Up to a few short months ago there was usually a $10 to $20 per barrel spread between WTI, aka Texas light sweet, and its international rival BI. As Jim Cramer announced on his CNBC show Monday, "The spread is dead" as WTI is just slightly below the price of BI. Those companies that produce WTI and ship oil to customers are likely to benefit. One WTI producer that sports a share price below $10 is Kodiak Oil & Gas ( KOG). KOG is a well-situated oil and gas exploration and production company. KOG established itself as a significant player in the Bakken Shale, one of the best areas to produce oil in the U.S. It recently added to its footprint there by purchasing the rights to 42,000 acres, which increases its presence in the Bakken by 27%. On Tuesday, KOG announced preliminary unaudited operational and financial results for the second quarter that ended June 30. At the same time, it announced updated proven reserves quantities and provided a Williston Basin operations update. Kodiak reported average daily sales volume of 23,200 barrels of oil equivalent per day (BOE/d) for the second quarter of 2013. This represents an 83% increase over sales volumes of 12,700 BOE/d for the second quarter of 2012, and an 8% increase over first-quarter 2013 sales volume of 21,700 BOE/d. Take a look at this potent report and accompanying charts that reveals the increasing amount of production growth KOG has experienced from the same quarter a year ago. With WTI at $107, this is very significant. At current net production of approximately 34,000 BOE per day, consisting of approximately 28,500 BOE per day from legacy production and 5,500 BOE per day from recently acquired properties, its revenue and earnings per share numbers should soar. As I suggested in an article last month, KOG may still be a takeover target. Even if it isn't acquired anytime soon, its latest reserves update should bring a smile to the face of any savvy investor.