Boston, MA 10/24/2013 (wallstreetpr) – For the nine months ended September 30, Kodiak Oil & Gas Corp (USA) (NYSE:KOG) announced its operational and financial unaudited preliminary results for Q3.2013. It is important to note that once the company announces the full audited financial and operational results after close of business on Thursday October 31, the figures may be different.
According to the released preliminary figures, the company made progress on the daily average volumes by selling 35,400 barrels of oil equivalent per day (BOE/d). This is a represented a 54% increase over the Q2.2013 sales volume of 23,200 and a123% increase compared to Q3.2012 sales of 15,900 BOE/d. In the just finalized quarter, 90% of the company’s sales volumes comprised of crude oil
The company managed to complete 24.5 net operated wells with a participation in the completion of 6.6 net non-operated wells. Currently the company operates 7 drilling rigs. In addition the company has tested a further 12 wells within a 1,280 acre DSU (drilling space unit) in the Smokey and Polar region. All the wells have been completed and are in production in both areas. In the Polar region, the wells were drilled and completed simultaneously while their counterparts in the Smokey area were drilled and completed in varying quarters. The company conducted a pilot test on the two programs to determine the proper development of future DSU’s. The wells bore spacing between the two DSU’s is about 800 feet between the wells or about 210 acre drainage in each of the two formations.
The company shares also got a boost at the stocks exchange after the manager to the Hedge Fund John Paulson stated that the company’s shares would be a good target. This saw the company’s shares rally to see an increase in share price to close the day 5% higher.