Kodiak Oil & Gas Corp. Announces Exercise of Over-Allotment Option



    DENVER, Aug. 21 /CNW/ -- Kodiak Oil & Gas Corp. (Amex:   KOG) today
announced that the underwriters of its public offering of 6,000,000 shares of
common stock have exercised their over-allotment option to purchase an
additional 820,000 shares of the Company's common stock at a price of $2.75
per share.  Including the exercise of the over-allotment option, the net
proceeds of the offering, after deducting underwriting discounts and
commissions and Kodiak's estimated offering expenses, were approximately
$17,582,000.
    KeyBanc Capital Markets and RBC Capital Markets acted as underwriters in
the offering.
    Any offering of shares of common stock shall be made only by means of a
prospectus.  Copies of the base prospectus and the final prospectus supplement
relating to the offering may be obtained from the offices of KeyBanc Capital
Markets, Attn: Prospectus Delivery Department, 800 Superior Avenue, 17th
Floor, Cleveland, Ohio 44114, telephone: 216.563.2018.  An electronic copy of
the base prospectus and the final prospectus supplement are also available on
the website of the Securities and Exchange Commission at http://www.sec.gov.
    The common shares were offered and sold pursuant to an effective shelf
registration statement previously filed with the Securities and Exchange
Commission.  This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the common stock of Kodiak; nor shall there be
any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction.
    
    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 http://www.kodiakog.com.  The
Company's common shares are listed for trading on the American Stock Exchange
"KOG."
    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, 2007, and its Quarterly
Reports on Forms 10-Q.




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

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Kodiak Oil & Gas Corp.

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