Exhibit 99.1

 

GRAPHIC

 

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.

 

Highlights Include:

 

·                  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.

View differences made from one year to another to evaluate Whiting Canadian Holding Co Ulc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Whiting Canadian Holding Co Ulc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account