KOG Releases 1Q13 Earnings

Press release here.

For the first quarter 2013, the Company reported net income of $19.4 million, or $0.07 per diluted share, compared to net income of $1.7 million, or $0.01 per diluted share, for the same period in 2012.  Net income for the first quarter 2013 includes an unrealized loss of $17.2 million related to the mark-to-market of derivative instruments used for commodity hedging.  The net effect, after-tax, of the non-cash hedging activities decreased Kodiak's reported net income for the first quarter 2013 by $0.04 per basic and diluted share.

From the press release: