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Kodiak Adjusts Bakken Rig Count; Upgrades Fleet
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Kodiak Oil & Gas Corp. reported financial results for the third quarter ended September 30, 2014 and provided a Williston Basin operations update.
Drilling and Completion OperationsYear to date, Kodiak has invested approximately $643.3 million related to its oilfield operations and leasehold acquisitions compared to its full year capital expenditure guidance of approximately $940.0 million. Kodiak currently operates seven drilling rigs, which have staggered contract terminations, allowing the Company to adjust its rig count to align with cash flow and capital expenditure projections. During the quarter ended September 30, 2014 the Company upgraded its rig fleet with two new built rigs, replacing two older rigs whose contracts expired. As a result Kodiak operated with five rigs for part…
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