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Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp.

Kodiak Oil & Gas Corp. · Dec 6, 2011 · 21 slides

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  1. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 1
    Corporate Presentation December 2011 Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains. l www.kodiakog.com l NYSE: KOG
  2. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 2
    Corporate Data Symbol / Exchange: KOG / NYSE Market Capitalization: 2.0 B 52 Week H/L: 8.88 / 3.46 Shares Outstanding1: 251 MM Cash and Equivalents1: 400 MM 750 MM Revolver: 225 MM Borrowing Base Unsecured Senior Notes1: 650 MM…
  3. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 3
    Pro forma net proved reserves as of 9/30/1 Oil Gas Total PV-10(MM) Category (Mb ls) (Mmcf) Mboe SEC NYMEX strip(1) PDP 14,839.6 15,043.5 17,346.8 580.5 5 4.3 PDNP 375.3 539.8 465.2 16.7 17.0 PUD 35,50 .3 40,1 7.8 42,186.6 769.4 71 .7…
  4. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 4
    Rapidly Increasing Production Exit rates pro forma Legacy acquisitions 30,000 22,000- 24,000 January 2012 Acq. Exit year with five October 2011 Acq. operated Gas Sales 17,000 rigs; two non- Oil Sales operated 3,500…
  5. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 5
    2012E Capex 2012E Capex = 585 mm Capital expenditures comparison 550 mm for drilling and completion ( in millions) 73 gross (51 net) wells 585 25 mm infrastructure investments 10 mm additional acreage acquisitions Drilling Plan…
  6. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 6
    Well Economics Overview Projected long lateral wells with EUR of 650-850 Mboe with average 10 mm well economics Bakken Long Lateral 750 MBO Bakken Long Lateral 850 MBO Well cost Well cost WTI Differential midpoint NPV-10 Payout WTI…
  7. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 7
    Large Contiguous Operated Acreage Position in Williston Basin 24-hour full-time dedicated frac crew retained October 2011; commencing 1Q2012 Kodiaks Williston Basin Acreage Over Time Jan 2012 NESSON ANTICLINE TREND…
  8. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 8
    Current Estimate of Well Locations Analysis of estimated well locations below assuming all long-lateral development Producing Kodiak Net Assumed Drilling Potential Well Locations Kodiak project area Formation Acres Acres Initial…
  9. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 9
    Williston Basin East of Nesson Dunn County, ND Activity Map Dunn County Lease Position as of 10/31/2011: 34,000 net acres Original 5-year lease terms with 1-2 years remaining on existing leases Estimated long lateral Bakken…
  10. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 10
    Activity East of the Nesson KOG Proposed Location 700 Wellbore Separation SC 2-8-17-14H3 TSB 2-24-12-2H WOCT IP: 1,752 BOE TSB 2-24-12-1H3 IP: 3,083 BOE SC 2-8-17-15H KOG Proposed WOCT SC 9-2-3-5H Locations Drilling…
  11. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 11
    Dunn County Historical Completion Activities: Longer Laterals* Length of IP 24hr Daily Production (Boe/d) Gas/Oil Completion WI/NRI Lateral(1) Number Test 30 60 90 180 360 Ratio Well Name Date (%) (feet) of Stages Boe/d Days Days…
  12. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 12
    Dunn County Current Activities Rig WI/NRI Length of Completion Number of Well Name Status Number (%) Lateral(1) (feet) Date Stages 117 SC 9-2-3-5H 99/81 9,500 2012 - Drilling 109 CE 15-14-11-4H(2) 60/49 9,500 2012 - Drilling…
  13. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 13
    Williston Basin - West of Nesson Activity Map McKenzie and Williams Counties, ND Lease Position as of 10/31/2011: 116,000 net acres (pro forma for Jan 2012 Acq) Current Economic Parameters: 10 mm drilling and completion…
  14. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 14
    Koala and Smokey Prospects McKenzie County, ND KOALA 2-25-36-16H3 Estimated EUR: 2-25-36-14H3 2-25-36-15H 800-900+ Mboe WOCT BUILDING LOCATIONS Oil & gas pipelines under construction KOALA 3-2-11-13H IP 3,021 BOE KOALA…
  15. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 15
    Polar Prospect Acquisition Highlights Williams County, ND MILDRED 9-4-1H STATE Operated Leasehold 16-21-1H Non-operated Leasehold WOCT Oct 2011 Acq Highlights 13,400 net acres LONG 3,000 net BOE/d at closing 1-12-1H Operated…
  16. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 16
    Grizzly Prospect McKenzie County, ND KOG GRIZZLY 25,000 net acres BLDG LOCATION Estimated EURs: 350-450+ MBoe GRIZZLY 3-25-36-15H: Drilling 3-25-13-3H: WOCT All wells hooked up to gas pipeline Exploring, developing and…
  17. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 17
    McKenzie County Drilling and Completion Activities* Length of Daily Production (Boe/d) Rig Completion WI/NRI Number of IP 24-Hour Test 1 Well Name Lateral 30 60 90 180 Status Number Date (%) Stages Boe/d (feet) (1) Days Days…
  18. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 18
    Financial Strategy Kodiak has historically employed a conservative Swaps financial strategy 85.31 91.06 87.37 87.32 87.18 4,500 4,010 100 Maintain active commodity hedging program 4,000 3,500 75 3,000 Designed to protect cash…
  19. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 19
    Key Operations Highlights Cash margin over time (/boe) Operated wells drilled on Kodiak Legacy lands 91.80 40 gross (24.5 net) operated producing wells 79.15 13.58 80.28 10 gross (7.5 net) operated wells completed in 2011 10.33…
  20. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 20
    Takeaway Capacity Based on existing and announced projects, the Williston is expected to continue to have ample infrastructure to transport crude out of the basin 1H11 estimated transportation of 540 MBbl/d, increasing to over 1,400…
  21. Capital One Southcoast 6th Annual Energy Conference – Kodiak Oil & Gas Corp. – slide 21
    Key Investment Highlights Drill-bit focused producer with large acreage position in oil-levered Williston Basin Pro forma 155,000 net acres in Williston Basin largely derisked with Bakken / Three Forks potential Pro forma proved…

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