Published:
Kodiak Oil & Gas Corp. Receives Bakken Play Environmental Assessment Approval and Contracts Drilling Rig
DENVER, April 7, 2008 /PRNewswire-FirstCall/ -- Kodiak Oil & Gas Corp.
(Amex: KOG), an oil and gas exploration and production company with assets in
the Green River Basin of southwestWyoming and theWilliston Basin ofNorth
Dakota andMontana, today announced that it has received a Finding of No
Significant Impact (FONSI) and the necessary approval of the environmental
assessment (EA) with respect to the Tall Bear #16-15H well on the Fort
Berthold Reservation inDunn County, N.D. The EA approval is a key step in
the drilling permit process which is moving forward after today's EA approval.
While this permit is being processed, Kodiak is preparing to submit additional
drilling permits for additional wellsites in the near future. The Tall Bear
#16-15H is a horizontal well targeting oil potential in the Bakken shale and
is being permitted to a proposed total depth of 15,600 feet. The Company
expects to spud the well as soon possible following the necessary permitting.
Kodiak also announced that it has entered into a long-term contract for a
new-build rig from a large land-drilling contractor. The rig is designed to
Kodiak specifications to optimally drill horizontal Bakken shale wells and
otherWilliston Basin formations. Kodiak expects the rig to be delivered in
90 to 120 days and it will be used exclusively for itsWilliston Basin
operations, including Red River and Mission Canyon prospects. In order to
expedite its Bakken drilling operations, the Company is actively seeking a
one-well window for a sub-contracted rig from a drilling contractor or
operator in the area.
Management Comment
Commenting on the Bakken play developments, Lynn Peterson, Kodiak's
President and CEO said: "We have devoted considerable time and effort to
ensure the EA and permitting process on the Fort Berthold Reservation is
structured with meticulous attention to detail. Our work with the Bureau of
Indian Affairs and the Bureau of Land Management to create a standardized
template for permitting and environmental assessment is an important step for
our future plans. We believe our leasehold is prospective for development
drilling in the prolific Bakken shale oil trend. In order to best develop our
lands, it is important to have best-practice regulatory and permitting
processing in place and agreed upon by industry and the regulatory agencies
involved."
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 theWilliston 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."
Forward-Looking Statements
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words "believe,"
"estimate," "project," "expect" or similar expressions. These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not always,
identified by the words "expects," "plans," "anticipates," "believes,"
"intends," "estimates," "projects," "potential" and similar expressions, or
that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements regarding the
Company's exploration, drilling and development plans, the Company's
expectations regarding the timing and success of such programs, the Company's
expectations regarding the timing and amount of future revenues and the
Company's expectations regarding the future production of its oil & gas
properties. Factors that could cause or contribute to such differences
include, but are not limited to, fluctuations in the prices of oil and gas,
uncertainties inherent in estimating quantities of oil and gas reserves and
projecting future rates of production and timing of development activities,
competition, operating risks, acquisition risks, liquidity and capital
requirements, the effects of governmental regulation, adverse changes in the
market for the Company's oil and gas production, dependence upon third-party
vendors, and other risks detailed in the Company's periodic report filings
with the Securities and Exchange Commission.
SOURCE Kodiak Oil & Gas Corp.
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