For the quarter-ended March 31, 2012, the Company reported oil and gas
sales of $79.9 million, as compared to $13.3 million during the same
period in 2011, a 499% increase and a company record. Kodiak reported
an overall 474% increase in quarter-over-quarter equivalent sales
volumes of 963 thousand barrels of oil equivalent, or an average
of 10,578 BOE per day during the first quarter 2012, as compared to 168
thousand boe or an average of 1,864 boepd in the same
period in 2011, not including flared gas. Crude oil revenue accounted
for approximately 96% of oil and gas sales in the first quarter 2012.
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