Kodiak Oil & Gas Corp. Announces $7.5 Million Registered Direct Offering of Common Stock
07 May 2009 - 10:00PM
PR Newswire (US)
DENVER, May 7 /PRNewswire-FirstCall/ -- Kodiak Oil & Gas Corp.
(NYSE Amex: KOG), an oil and gas exploration and production company
with assets in the Williston Basin of North Dakota and Montana and
the Green River Basin of southwest Wyoming and Colorado, today
announced that it has entered into purchase agreements with certain
institutional investors and insiders, including management, for the
sale of 10,000,000 shares of its common stock at $0.75 per share
through a non-brokered registered direct offering. The transaction
is expected to provide gross proceeds of approximately $7.5 million
to Kodiak before deducting costs associated with the offering, and
will be used primarily for drilling and completion activities on
Kodiak's leases in the Bakken oil play located on the Fort Berthold
Indian Reservation in North Dakota, and for other general corporate
activities. Subject to Kodiak obtaining NYSE Amex approval for the
listing of the common shares issuable pursuant to the transaction,
the closing of the transaction is expected to occur on or about May
11, 2009. The shares of common stock offered by Kodiak in this
transaction will be registered upon issuance under Kodiak's
existing shelf registration statement on Form S-3, which was
declared effective by the Securities and Exchange Commission on
July 24, 2008. There was no placement agent or underwriter in this
transaction. This press release does not constitute an offer to
sell or the solicitation of an offer to buy common stock of Kodiak
Oil & Gas Corp., nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Copies of the final prospectus supplement and
accompanying base prospectus relating to this offering may be
obtained at the Securities and Exchange Commission's web site at
http://www.sec.gov/, or from Kodiak Oil & Gas Corp., 1625
Broadway, Suite 250, Denver, Colorado 80202, Attention: Chief
Financial Officer. About Kodiak Oil & Gas Corp. Kodiak Oil
& Gas, Denver-based, is an independent energy exploration and
development company focused on exploring, developing and producing
oil and natural gas in the Williston and Green River Basins in the
U.S. Rocky Mountains. For further information, please visit
http://www.kodiakog.com/. The Company's common shares are listed
for trading on the NYSE Amex exchange under the symbol: "KOG."
Forward-Looking Statements This press release includes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts included herein may constitute
forward-looking statements. Although Kodiak believes that the
expectations reflected in the forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. The forward-looking statements involve risks
and uncertainties that affect our operations, financial performance
and other factors as discussed in Kodiak's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended December 31, 2008. DATASOURCE: Kodiak
Oil & Gas Corp. CONTACT: Mr. Lynn A. Peterson, CEO and
President of Kodiak Oil & Gas Corp. +1-303-592-8075; or Mr.
David P. Charles of Sierra Partners LLC, +1-303-757-2510 ext. 11,
for Kodiak Oil & Gas Corp. Web Site: http://www.kodiakog.com/
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