Kodiak Oil & Gas Corp. Announces Closing of Registered Direct Offering of Common Stock
15 May 2009 - 6:30AM
PR Newswire (US)
DENVER, May 14 /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
in the Green River Basin of southwest Wyoming and Colorado, today
announced the closing of its previously announced registered direct
offering of 9,600,000 shares of common stock. All shares were sold
at a price of $0.75 per share. The net proceeds of the offering,
after deducting offering expenses, were approximately $7.15
million. There is no over-allotment granted by Kodiak Oil & Gas
Corp. in this offering. As previously announced, the registered
direct offering of common stock, which was subject to certain
closing conditions and regulatory approvals, contemplated the
issuance of 10,000,000 shares of common stock. Due to the potential
for delays in the prompt closing of the offering, management and
insiders of Kodiak Oil & Gas Corp. have elected not to
participate in the offering. 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. Any offering of shares of common stock shall be made
only by means of a prospectus. 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. The common shares were offered
and sold pursuant to an effective shelf registration statement
previously filed with the Securities and Exchange Commission. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy the common stock of Kodiak, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. 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 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2009. 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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