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Kodiak Q2 Operational Update; Lease Expense Increasing
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Kodiak reported an overall 65% increase in quarter-over-quarter equivalent sales volumes with 3.5 million barrels of oil equivalent (MMBOE) sold, or an average of 38,271 BOE per day (BOE/d) during the second quarter 2014, as compared to 2.1 million BOE, or an average of 23,205 BOE/d in the second quarter of 2013. Crude oil revenue accounted for approximately 93% of oil and gas sales recorded during the second quarter 2014.
Lease operating expenses (LOE) for the second quarter 2014 totaled $32.4 million or $9.29 per BOE, an increase over the second quarter 2013. The Company has continued to experience an incremental increase in LOE. The increase is primarily a result of continuing costs for winterization work and increased workover expenses, including but not limited to the installation of…
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