For Investors Only: KOG Announces Billion-Dollar CAPEX For 2014

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Kodiak Oil & Gas Corp. announces 2014 capital budget of $940 mln, co expects to increase production ~45% in 2014, borrowing base increased to $1.35 bln from $1.1 bln:

• Co announced that its Board of Directors has approved a $940 million 2014 capital expenditure budget allocated solely to Williston Basin oil and gas activities. The 2014 capital program is expected to drive an approximate 45% increase in year over year production volumes. Kodiak's 2014 capital budget is subject to, among other things, market conditions, oilfield services and equipment availability, commodity prices and drilling results. The 2014 capital budget compares to Kodiak's 2013 capital expenditures of ~$1.0 billion. 
• The Company has allocated $890 million of the 2014 CAPEX budget to the drilling and completion of approximately 100 net wells and $50 million for infrastructure build-out, and small acreage acquisitions. Kodiak expects to fund the 2014 CAPEX budget from existing working capital, operating cash flows, and availability under its existing revolving credit facility. At the contemplated level of investment, Kodiak believes that operational cash flows should closely align with capital expenditures in 2014 based on the current commodity price outlook.
• The Company's cash flows are supported by an active hedging program. Kodiak currently has 2014 crude oil hedges in place on 26,150 barrels of oil per day at an average price of $93.29 per barrel.