Kodiak Oil & Gas Corp. Announces Proposed Public Offering of 37.5M Shares of Common Stock

Kodiak Oil & Gas Corp. KOG today announced that it is commencing an offering of 37,500,000 shares of its common stock in an underwritten public offering. Kodiak expects to grant the underwriters a 30-day over allotment option to purchase up to an additional 5,625,000 shares of Kodiak's common stock. Kodiak intends to use the net proceeds of this offering together with other sources of liquidity (i) to finance the proposed acquisition of interests in approximately 50,000 net acres of oil and gas properties and related assets in the Williston Basin, North Dakota, (ii) to repay a portion of the outstanding debt under Kodiak's first lien credit agreement, to repay all of the outstanding debt under its second lien credit agreement and to pay related fees, premiums and expenses, (iii) to fund capital expenditures for drilling, development and infrastructure, principally in the Bakken play located in North Dakota, and (iv) for general corporate purposes, including financing the potential acquisition of oil and gas properties in certain core areas, such as the Bakken play.