Kodiak Oil & Gas Corp. Announces $7.5 Million Registered Direct Offering of Common Stock



    DENVER, May 7 /CNW/ -- 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 the Green River Basin of southwest Wyoming and
Colorado, today announced that it has entered into purchase agreements with
certain institutional investors and insiders, including management, for the
sale of 10,000,000 shares of its common stock at $0.75 per share through a
non-brokered registered direct offering.  The transaction is expected to
provide gross proceeds of approximately $7.5 million to Kodiak before
deducting costs associated with the offering, and will be used primarily for
drilling and completion activities on Kodiak's leases in the Bakken oil play
located on the Fort Berthold Indian Reservation in North Dakota, and for other
general corporate activities.  Subject to Kodiak obtaining NYSE Amex approval
for the listing of the common shares issuable pursuant to the transaction, the
closing of the transaction is expected to occur on or about May 11, 2009.

    The shares of common stock offered by Kodiak in this transaction will be
registered upon issuance under Kodiak's existing shelf registration statement
on Form S-3, which was declared effective by the Securities and Exchange
Commission on July 24, 2008.  There was no placement agent or underwriter in
this transaction.

    This press release does not constitute an offer to sell or the
solicitation of an offer to buy common stock of Kodiak Oil & Gas Corp., nor
shall there be any sale of these securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or
jurisdiction.  Copies of the final prospectus supplement and accompanying base
prospectus relating to this offering may be obtained at the Securities and
Exchange Commission's web site at http://www.sec.gov, or from Kodiak Oil & Gas
Corp., 1625 Broadway, Suite 250, Denver, Colorado 80202, Attention: Chief
Financial Officer.
    


    About Kodiak Oil & Gas Corp.
    
    Kodiak Oil & Gas, Denver-based, is an independent energy exploration and
development company focused on exploring, developing and producing oil and
natural gas in the Williston and Green River Basins in the U.S. Rocky
Mountains. For further information, please visit www.kodiakog.com.  The
Company's common shares are listed for trading on the NYSE Amex exchange under
the symbol: "KOG."
    

    Forward-Looking Statements
    
    This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.  All
statements other than statements of historical facts included herein may
constitute forward-looking statements.  Although Kodiak believes that the
expectations reflected in the forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to be correct.  The
forward-looking statements involve risks and uncertainties that affect our
operations, financial performance and other factors as discussed in Kodiak's
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the year ended December 31, 2008.
    




    




For further information:

For further information: Mr. Lynn A. Peterson, CEO and President of
Kodiak Oil & Gas Corp. +1-303-592-8075; or Mr. David P. Charles of Sierra
Partners LLC, +1-303-757-2510 ext. 11, for Kodiak Oil & Gas Corp. Web Site:
http://www.kodiakog.com

Organization Profile

Kodiak Oil & Gas Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890