Kodiak Oil & Gas Reports 2012 Results

Kodiak Oil & Gas Corp. (NYSE: KOG) announced operational and financial results for 2012 year end.

As quoted in the press release:

Kodiak’s estimated total proved reserves at December 31, 2012 were approximately 94.8 million barrels of oil equivalent (MMBoe), as compared to 39.8 MMBoe at December 31, 2011.  The 2012 total represents a 138% increase from 2011′s estimated proved reserves on an equivalent basis, and is comprised of 80.9 million barrels of crude oil and 83.1 billion cubic feet (Bcf) of natural gas.  The 2012 reserve mix is 85% crude oil, along with 15% associated natural gas.  Approximately 46% of the 2012 total proved reserves are categorized as proved developed producing and approximately 54% are classified as proved undeveloped.  Substantially all of the Company’s estimated proved reserves are located in the Williston Basin.

Kodiak’s Chairman and CEO, Lynn Peterson said:

Our two pilot programs are a very important part of our 2013 drilling program.    It is paramount that we continue to test the spacing between wells in order to maximize reservoir drainage.  Our ongoing evaluation of well-bore spacing indicates that an approximate 800-foot horizontal separation of wells in the Middle Bakken should effectively drain the reservoir while maximizing our returns.  We anticipate that we will see communication between the well bores during completion operations.

To view the whole press release, click here.