Kodiak Oil & Gas Spikes 5% on Interim Operations Update

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Kodiak Oil & Gas Corp. ( KOG ) is up 4.7% after the company today provided an interim corporate update on recent completion and drilling activities.

KOG said that in the last two weeks of November 2012, the company's net oil and gas sales averaged approximately 22,000 barrels of oil equivalent per day. Several of the recent well completions occurred in late November and early December and therefore did not materially contribute to the November oil and gas sales averages.

The company's drilling operations continue with seven operated rigs. As a result of KOG's continued efficiencies in its drilling operations and the resultant decrease in spud-to-rig-release drilling times, the company intends to release one of the drilling rigs in January 2013 and initially plans to operate six rigs during the remainder of 2013.

KOG is trading at $8.55 in a 52-week range of $6.92 - $10.90. Shares have fallen 6% in the last 12 months.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: KOG

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