UPDATE: Kodiak Oil & Gas Corp. Announces $550 Million Offering of Senior Notes

Kodiak Oil & Gas Corp.

today announced that, subject to market conditions, it intends to offer $550 million in aggregate principal amount of senior notes due 2019 in a private placement to eligible purchasers. The notes will be general unsecured obligations and guaranteed on a senior basis by the Company's only existing subsidiary. 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.