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Kodiak Oil & Gas (KOG) - Bakken Shale
Kodiak Oil & Gas (KOG) announced Monday night that they've acquired another 50,000 acres in the Bakken Shale oil field located in North Dakota. This news is bullish but the company had to raise money and sell stock. Kodiak Oil & Gas (KOG) now controls over 155,000 net acres. This may be a good stock for my long term portfolio.
Kodiak Oil & Gas Corp. Agrees to Acquire an Additional 50,000 Net Leasehold Acres and 3,500 BOE/d of Current Net Production in Heart of Bakken Trend
Kodiak Oil & Gas Corp. (NYSE:KOG), an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota , today announced that it has entered into definitive purchase and sale agreements with a private oil and gas company and its financial partners ("Sellers") to acquire additional producing properties and undeveloped leaseholds in the Williston Basin. The purchase price for the asset package is $540 million in cash and $50 million in common shares of Kodiak priced at the five-day weighted average of the shares prior to the second business day prior to closing. The purchase price is subject to adjustment including, but not limited to, adjustments for certain title and environmental defects, if any, as well as customary adjustments to reflect the operation of the properties following the effective date and prior to the closing. Kodiak will also assume the Seller's contract for a drilling rig. Terms and financing of the transaction are discussed below.
Upon completion of the transaction, Kodiak would acquire two blocks of contiguous acreage totaling approximately 50,000 net leasehold acres in Williams and McKenzie Counties, N.D. The southernmost lands, approximating 30,000 net acres, are adjacent to the Company's core Koala Project area and are contiguous to the lands acquired as part of the acquisition that recently closed in October 2011 . The remaining leasehold is located in northern Williams County near the Nesson Anticline in an area actively being developed.
http://www.reuters.com/article/2011/11/14/kodiakoil-idUSL3E7ME27120...
http://oilshalegas.com/bakkenshale.html
Tags: 2011, bakken, forum, gas, kodiak, kog, news, oil, shale, stock
Views: 1636
Replies to This Discussion
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Permalink Reply by Stocks To Buy on -
Maybe place a stop on KOG at $8 or $7.85 and then let it run. Or sell a little bit every time it spikes. You can't go wrong that way.
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Top MemberPermalink Reply by ljkp2004 on -
talked to ir before said deal opened tuesday 37.5 mln new shares,theyll announce deal when done ,,ir mentioned deal went well so far according to market action
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Permalink Reply by Stocks To Buy on
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KOG is pricing the stock offering at $7.75 per share, very nice - The size of the deal was increased to 42.5 million shares.
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Top MemberPermalink Reply by James Bond on -
Tim. Several reports have recently came out by Seeking Alpha that KOG could be the next BEXP? Just wanted to get your opinion and are you buying at current prices? Looks very attractive at $7.74 were it currently stands?? Thanks.
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Top MemberPermalink Reply by James Bond on -
Hey Tim- I emailed you a couple of months ago about how KOG could be the next BEXP. Wanted to get your thoughts on this article? Thanks!
http://seekingalpha.com/article/311906-bakken-update-is-kodiak-s-ac...
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Top MemberPermalink Reply by ljkp2004 on -
saw some movement today had good support 740s,started running watching it run picked a small block ran out b4 close
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Top MemberPermalink Reply by ljkp2004 on -
been trading kog actively,should be a mover tomorrow ,ftk lows 8s nr most oils if futures hold overnight
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Top MemberPermalink Reply by ljkp2004 on -
trading close to 8$ already
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Permalink Reply by Stocks To Buy on
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KOG is expensive right now James..... I like WLL
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