Kodiak's 4th quarter production (36,100 boepd) was slightly lower than what I had in my forecast. - Dan
Kodiak's estimated total proved reserves at December 31, 2013 were approximately 167.3 million barrels of oil equivalent (MMBoe), as compared to 94.7 MMBoe at December 31, 2012. The 2013 total represents a 77% increase from 2012's estimated proved reserves on an equivalent basis, and is comprised of 138.2 million barrels of crude oil and 174.0 billion cubic feet (Bcf) of natural gas. The 2013 reserve mix is 83% crude oil, along with 17% associated natural gas. Approximately 46% of the 2013 total proved reserves are categorized as proved developed producing and approximately 54% are classified as proved undeveloped, which represents approximately 2.5 years of future drilling activity. Substantially all of the Company's estimated proved reserves are located in the Williston Basin.
Production growth should accelerate in Q3 and I am expecting KOG to exit this year at close to 50,000 boepd.