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Kodiak Oil & Gas (KOG) Reports Q2 Crude Production Rose 18%, Nat Gas Up 19%

July 19, 2012 8:18 AM EDT
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Oil sales: 272.36M

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Kodiak Oil & Gas Corp. (NYSE: KOG), announced preliminary unaudited financial and operational results for the second quarter ended June 30, 2012.

Kodiak has prepared the preliminary information based on the most current information available to management. Its normal closing and financial reporting processes with respect to the preliminary financial information have not been fully completed. As a result, its actual financial and operational results could be different from this summary preliminary data, and any differences could be material. Kodiak expects to release its second quarter 2012 operational and financial results news release after the close of trading on Thursday, August 2, 2012.

Second Quarter and First-Half 2012 Production and Sales Volumes

For the second quarter 2012, Kodiak reported average sales volumes of 12,696 barrels of oil equivalent per day (BOE/d). This represents a 385% increase over sales volumes of 2,618 BOE/d for the second quarter 2011 and a 20% increase over first quarter 2012 sales volumes of 10,578 BOE/d. Crude oil accounted for 90% of second quarter 2012 sales volumes.

Interim Operations Update

The Company continues its active drilling and completion schedule into the third quarter 2012. Kodiak currently operates seven drilling rigs and participates in the drilling of two non-operated rigs in its Dunn County area of mutual interest (AMI). Two drilling rigs are operating in each of the Polar project area in southern Williams County, the Smokey project area in McKenzie County and in Dunn County. The seventh rig is operating in the Koala project area. Drilling operations are benefitting from improved efficiencies resulting in decreased spud-to-rig-release drilling times. Kodiak's full-time, 24-hour-per-day completion crew continues efficient operations and a second completion crew will be utilized, as needed, as the Company accelerates completion activity through the second-half of 2012.

The Company expects to complete 14 gross (11 net) operated wells during the third quarter. Recently, Kodiak completed one gross (0.60 net) well in northern Williams County which is flowing back. Completion operations have also commenced on a two-well pad (1.4 net wells) in southern Williams County. In the Dunn County AMI, Kodiak continues to participate in wells drilled and completed by its partner.

During the first two weeks of July 2012, the Company's net production has averaged between 17,000 and 18,000 BOE per day.


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