Kodiak Oil & Gas Corp. Provides Interim Corporate Update

Kodiak Oil & Gas Corp. 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. 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 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.