Kodiak Oil & Gas Corp. Provides Interim Corporate Update

DENVER, June 4, 2012 /PRNewswire/ -- Kodiak Oil & Gas Corp. (NYSE: KOG), an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota, today provided an interim corporate update on recent drilling and completion activities. 

Interim Drilling and Completion Operations Update

Operated Wells
In the Koala project area in northern McKenzie County, N.D., Kodiak recently completed three high-working-interest wells in the Middle Bakken Formation, the Koala 15-31-30-3H well [97% working interest (WI) / 78% net revenue interest (NRI)], the Koala 15-31-30-2H well (97% WI/78% NRI), and the Koala 2-25-36-15H well (94% WI/75% NRI).  The wells had 24-hour initial production rates of 3,117, 2,971 and 2,709 barrels of oil equivalent respectively, as noted in more detail in the table below.  Importantly, the Koala 2-25-36-15H well was a successful remediation of a previously announced completion failure experienced during fourth quarter 2011. 

In the Dunn County project area, fracture stimulation procedures were recently completed on two wells in the Skunk Creek area.  These wells, the SC 13-18-17-9H and the SC 13-18-17-16H, were completed in the Middle Bakken Formation, and Kodiak expects to place these wells on production in the coming days.  Kodiak owns a 100% WI and an 82% NRI in each of these two wells. 

Completion operations have commenced on a four-well pad in the Smokey project area in central McKenzie County, N.D., where Kodiak owns a 96% WI and a 76% NRI in each of the wells.  A second completion crew has mobilized and will be commencing completion procedures on a two-well pad in the Polar project area in southern Williams County, N.D. where Kodiak owns 69% WI and 54% NRI.     

Non-Operated Dunn County, N.D.
Activity continues within the Company's Dunn County AMI where Kodiak participated in the completion of four gross (1.67 net) wells during the second quarter through May 31, 2012.  Initial production results from the wells, where available, are included in the table below.  

The following table sets forth information relating to the Company's recent operated and Dunn County non-operated completion activity in the Williston Basin:  

Seventh Operated Drilling Rig
The Company has taken delivery of its seventh operated drilling rig, which is being mobilized to the Smokey project area in McKenzie County where it will commence drilling a four-well pad. 

Management Comment
Commenting on ongoing operations, Kodiak's Chairman and CEO Lynn A. Peterson said:  "We are making steady operational progress through the second quarter.  We continue to drill and complete high working interest wells in the core of our acreage position with very good production rates.  We are very pleased with the successful remediation of one of our wells with previously announced liner issues.  The liner repair and resultant completion is clearly a positive development, and we look to remediate other damaged wells as we move through the remaining quarters of 2012.  Our second quarter completion schedule remains on track, with six gross (5.22 net) wells remaining to be completed."

About Kodiak Oil & Gas Corp.
Denver-based Kodiak Oil & Gas Corp. is an independent energy exploration and development company focused on exploring, developing and producing oil and natural gas primarily in the Williston Basin in the U.S. Rocky Mountains.  For further information, please visit www.kodiakog.com.  The Company's common shares are listed for trading on the New York Stock Exchange under the symbol: "KOG."

Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding the Company's expectations as to Kodiak's exploration, development , well completion, production and drilling plans, including the timing of drilling commencement and drilling completion of our wells, production estimates, and expectations regarding our ability to execute our 2012 program. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed in Kodiak's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.

For further information, please contact:
Mr. Lynn A. Peterson, CEO and President, Kodiak Oil & Gas Corp. +1-303-592-8075
Mr. David P. Charles, Sierra Partners LLC +1-303-757-2510 x11

SOURCE Kodiak Oil & Gas Corp.