Yet Another Motley Fool Post on KOG -- The Bakken, North Dakota, USA

Link here.

As the company itself admits, Kodiak's story is quite simple. All of its operations are in North Dakota, and the company simply needs to execute on its growth strategy of developing its land. The company now has 155,000 net acres in the Williston Basin that have largely been de-risked. Going forward, the company will spend heavily on drilling and completing wells, with the occasional acreage addition.

From the [data presented at the link], you can see that the company's operating cash flow trails its capex quite noticeably. Production has been rising rapidly, but the company has resorted to equity issuances in the past to raise money for drilling, as evidenced by its increasing share count over the past several years. Kodiak's use of equity financing let it have an enviable net cash position as of the third quarter, though the balance sheet has yet to reflect a $650 million senior note offering that was announced in November.

Nothing here that regular readers did not already know.