Kodiak Oil and Gas reported a net loss of $2.6 million, or $0.02 per share, in the year ending 12/31/2009. In 2008, the company lost $6.5 million, or $0.62 per share.
Despite the loss, Kodiak Oil and Gas showed improvement on various metrics during 2009. Revenues realized from oil and gas sales improved from $6.8 million in 2008 to $11.3 million in 2009.
Kodiak Oil and Gas also increased oil and gas production by 123% on a year over year basis. In 2008, the company produced 98,560 barrels of oil equivalent (BOE) compared to 219,300 BOE in 2009.
Kodiak Oil and Gas reported proved reserves of 4.5 million BOE at the end of 2009, up from 0.5 million BOE in 2008. The company booked 15 proved undeveloped (PUD) locations in 2009, and plans to drill all of these locations in 2010.
The company reported the completion results of the MC #16-3H well. The well was completed as a horizontal well with a lateral of 4188 feet. The MC #16-3H produced 1495 BOE per day during an initial 24-hour period. Kodiak Oil and Gas has a 60% working interest in the well.
Kodiak Oil and Gas is an exploration and production company active in the Williston basin in North Dakota. The company is targeting the Bakken Shale formation.