Kodiak Oil & Gas (KOG) Prices Upsized $150M Senior Debt Offering

Kodiak Oil & Gas Corp. (NYSE: KOG) upsized and priced a private offering of $150 million in aggregate principal amount of senior notes due 2019 in a private placement to eligible investors. The size of the offering was increased from the previously announced $100 million to $150 million aggregate principal amount. The notes will bear interest at 8.125% per annum and are being issued at a price of 104% of their face amount. The notes will be jointly and severally guaranteed on a senior basis by Kodiak's subsidiary, Kodiak Oil & Gas (USA) Inc. and by future subsidiaries. Kodiak expects to close the notes offering on May 17, 2012, subject to the satisfaction of customary closing conditions.

Kodiak intends to use the net proceeds of the offering to repay all of the outstanding debt under Kodiak's first lien credit agreement, to fund capital expenditures for drilling, development and infrastructure, principally in the Bakken play located in North Dakota, and for general corporate purposes, including financing potential acquisitions of oil and gas properties in certain core areas, such as the Bakken play.

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