KOG
Posted: Tue Nov 15, 2011 9:11 pm
Dan , what do you think of the acquisition today?
Very impressive growth story now. Let's hope that oil prices stay high (IMO they will) and that KOG can get the deal closed and some hedges in place to support their new debt level. - Dan
Nov 14 (Reuters) - Oil and gas producer Kodiak Oil & Gas Corp said it will buy properties in the Williston Basin in North Dakota for $590 million in cash and stock to expand its presence in the region.
Kodiak will acquire 50,000 net leasehold acres in Williston basin. These properties produce about 3,500 barrels of oil equivalent per day (BOE/d).
The deal, which is expected to close in early January next year, will expand Kodiak's total acreage position in the Williston Basin to about 155,000 net acres.
Kodiak also forecast production of 22,000-24,000 BOE/d for all of 2012 and expects to exit next year with an output of about 30,000 BOE/d.