For Investors Only: Seeking Alpha on KOG

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Activity and results for Kodiak have exploded over the last few years. The company has gone from drilling a few wells in smaller, less attractive plays in Wyoming and Colorado to becoming a surprising player in the Bakken play. The company has drilling rights on 157,000 acres in the play and is ramping up the drilling of new wells to take advantage of the leases in this highly productive oil play.

At this point, the company has about 40% of its proven reserves under production and the balance awaiting development. The drilling leases expire at the end of 2013, so the company plans to put the remainder under the drill rig by the end of 2013. During 2012, Kodiak will have seven drilling rigs operating with plans to drill 71 wells.

In 2011, the company drilled 47 wells, completing 36. At the end of 2011 the company was pumping from 137 wells. Due to joint venture agreements, Kodiak's current share amounts to 60.2 producing wells.