Kodiak Oil and Gas released a financial and operational update for the first quarter of 2012. The company is actively developing the Bakken play in the Williston Basin of North Dakota.
Kodiak Oil reported oil and gas production of 10,578 barrels of oil equivalent (BOE) per day in the quarter ending March 31, 2012. This represented 467% year-over-year production growth and 47% sequential growth. The management of Kodiak Oil attributed the strong production growth to an acquisition in 2011 and more efficient operations.
Kodiak Oil has increased the company’s operated rig count in the Williston Basin to six rigs and plans to take delivery of a seventh rig during the current quarter. The company also has a dedicated hydraulic fracturing fleet that works exclusively on its operations, and plans to add a second fleet shortly.
Kodiak Oil is growing so rapidly that the company is experiencing a backlog of wells in its inventory. The company currently has 14 gross wells that have been drilled and are awaiting hydraulic fracturing operations. Kodiak Oil estimates that the company will complete 12 of these wells during the second quarter of 2012.
For more information on the company, go to www.kodiakog.com
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