Thursday, June 30, 2011

KOG Closes On Previously Announced Plans To Acquire More Bakken Acreage

Link here.

Net acreage now near 100,000 acres in the North Dakota Bakken.

Operations update:
Kodiak has begun completion operations on its two-well pad in the Koala project area in McKenzie County, N.D.  The Company anticipates completing both wells during early July 2011 and plans to simultaneously flow back the wells and turn them to production facilities and gas pipeline infrastructure which services the area.  Kodiak operates the two-well pad with a 52.5% working interest and a 42.5% net revenue interest.

Following this two well pad, completions operations will move to Dunn County, N.D. where a four-well pad is being prepared for fracture stimulation operations in late July and early August.  Oil, gas and water disposal pipelines have been constructed to these wells.  In addition, four gross (2 net) wells have been drilled on Kodiak's non-operated lands in Dunn County and completion operations are underway of the first of those wells.  Operated and non-operated completion procedures are expected to be continuous through the third quarter.

Kodiak is currently drilling ahead on four wells with two rigs running in McKenzie County, N.D. and two rigs running in Dunn County, N.D.  Each of these rigs is drilling on multi-well pads.

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