Kodiak Oil and Gas Corp. disclosed updated information on its oil and gas activities in North Dakota where the company is exploring and developing various hydrocarbon bearing formations.
Kodiak Oil and Gas is currently utilizing two drilling rigs in its program and will take delivery of a third rig before the end of April 2011. The company is also engaged in negotiations to obtain a fourth rig and plans to take delivery of this rig in the fourth quarter of 2011.
Kodiak Oil and Gas has a total of 61,000 net acres under lease in Dunn and McKenzie Counties in North Dakota and is working to develop the Bakken and Three Forks formations on its leasehold. The company recently drilled and completed two successful wells on its acreage into each of these formations, and has several other wells in various stages of drilling or completion.
Kodiak Oil and Gas also signed a multiyear agreement that secures hydraulic fracturing capacity for a minimum of fourteen days per month. This contract will begin in the third quarter of 2011 and the company feels that this will provide adequate capacity to finish its current development program in North Dakota.
For more information on the company, go to www.kodiakog.com