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KODIAK OIL & GAS CORP. REPORTS 2009 FULL-YEAR
AND FOURTH QUARTER FINANCIAL AND OPERATING RESULTS
DENVER March 11, 2010 /PRNewswire-FirstCall/ Kodiak Oil & Gas Corp. (NYSE Amex: KOG), an oil and gas exploration and production company with assets in the Williston Basin of North Dakota and Montana and in the Green River Basin of southwest Wyoming and Colorado, today announced its fourth quarter and full year 2009 financial and operational results. The Company also today provided an interim operations update and reported estimated quantities of proved reserves as of December 31, 2009.
· RECORD PROVED RESERVES TOTAL 4.5 MMBOE
· RECORD ANNUAL PRODUCTION OF 219 MBOE
· CURRENT PRODUCTION ~1,500 BOEPD
· RECORD ANNUAL AND QUARTERLY OIL & GAS SALES OF $11.3 MM AND $4.8 MM, RESPECTIVELY
· RECORD 2009 OPERATING CASH FLOW OF $9.4 MM
· STRONGEST SHORT LATERAL WELLS DRILLED TO DATE
2009 Financial Results
The Company reported a net loss for the year ended December 31, 2009 of $2.6 million, or $0.02 per basic and diluted share, compared with a net loss of $56.5 million, or $0.62 per basic and diluted share, for the same period in 2008. The 2008 net loss included $47.5 million in non-cash charges related to impairments of the carrying value of oil and gas properties. Net loss before the impairment charge for 2008, a non-GAAP measure, was $9.0 million, or $0.10 per share. Kodiak did not have any asset impairments during 2009.
Kodiak reported net cash provided by operating activities for the full-year 2009 of $9.4 million, a Company-record, as compared to net cash used in operations in 2008 of $2.2 million.
Adjusted EBITDA, a non-GAAP measure, was a company record $4.0 million for the full-year 2009, as compared to a negative $1.2 million in 2008. Kodiak defines Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) impairment, (v) non-cash expenses relating to share based payments recognized under ASC Topic 718, (vi) pre-tax unrealized gains and losses on foreign currency and (vii) accretion of abandonment liability. Reconciliations of Adjusted EBITDA to net loss are included at the end of this news release.
Oil and gas sales were $11.3 million for the full-year 2009 reporting period, as compared to approximately $6.8 million for the full-year 2008, a 67% increase. Kodiak posted a 123% increase in year-over-year equivalent production volumes. Crude oil revenue accounted for approximately 94% of the total 2009 oil and gas sales, and crude oil constituted 83% of produced volumes in 2009. Production data is discussed further in the Oil and Gas Sales section of this news release.
The following information was filed by Whiting Canadian Holding Co Ulc (KOG) on Thursday, March 11, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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