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Q4 2011 Earnings Review – Kodiak Oil & Gas Corp.

Kodiak Oil & Gas Corp. · Feb 29, 2012 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 1
    Corporate Presentation February 2012 Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains. l www.kodiakog.com l NYSE: KOG
  2. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 2
    Corporate Data Symbol / Exchange: KOG / NYSE Market Capitalization: 2.6 B 52 Week H/L: 10.34 / 3.46 Shares Outstanding1: 263 MM Total Liquidity1: 300 MM 750 MM Revolver: 225 MM Borrowing Base Unsecured Senior Notes: 650 MM…
  3. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 3
    Proved Reserve Summary 12/31/11 Proved Reserves and PV-10 12/31/11 reserves prepared by NSAI Jan 2012 Acq reserves based on Kodiak internal estimates Pro Forma net proved reserves as of 12/31/2011 Oil Gas Total SEC PV-10 Reserve…
  4. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 4
    Rapidly Increasing Production Cash Margin Over Time (/boe) 15,000 Jan 2012 Acq 91.80 Est. Kodiak 79.15 13.58 80.28 Gas Sales 3,600 9.68 Oil Sales 10.33 18.95 8.83 7.46 8.14 9.05 5.97 60.43 53.63 10,100 3,922…
  5. Q4 2011 Earnings Review – 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 251…
  6. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 6
    Well Economics Overview Projected long lateral wells with EUR of 650-850 MBO with average 10.5 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. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 7
    Large Operated Acreage Position Williston Basin Williston Basin Acreage Over Time (in acres) 155,000 93,000 72,000 55,400 Aug-10 Dec-10 Jun-11 Jan-12 www.kodiakog.com NYSE: KOG
  8. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 8
    Current Estimate of Well Locations Analysis of estimated net well locations below assuming all long-lateral development Producing Kodiak Net Assumed Drilling Net Well Locations Kodiak Prospect Area Formation Acres Acres Initial…
  9. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 9
    Overview: Williston Basin East of Nesson, Dunn County, ND Dunn County Lease Position as of 12/31/2011: 34,000 net acres Original 5-year lease terms with 1-2 years remaining on existing leases Estimated long lateral Bakken EURs:…
  10. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 10
    Dunn County, ND Well Name Map WI/NRI (%) Status CE 15-14-11-4H(2) 1 60/49 WOCT(1) CE 15-14-24-16H(2) 2 60/49 WOCT(1) SC 2-8-17-14H3 6 IP: 2,680 SC 9-2-3-5H(2) 3 99/81 3 WOCT(1) 4 SC 9-2-3-12H3(2) 4 99/81 5 7 WOCT(1) SC…
  11. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 11
    Overview: Williston Basin West of Nesson, Williams & McKenzie Counties, ND McKenzie & Williams Counties, ND Lease Position as of 12/31/2011: 120,000 net acres Current Economic Parameters: 10.5 MM drilling and completion costs…
  12. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 12
    Prospect: Koala McKenzie County Koala Three-Well Pad 3 Well Name 4 Polar Map WI/NRI (%) 2 Status 1 (3) Koala 2-25-36-15H 1 94/75 Workover Koala 2-25-36-16H3 (3) IP: 2,844 BOE Koala 2-25-36-14H3 2 94/75 Workover (3)…
  13. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 13
    Prospect: Smokey McKenzie County Four drilling units Well Name remaining Map WI/NRI (%) Status With current drilling Smokey 3-6-7-14H program, Smokey 1 56/45 block will be HBP by WOCT (1) Polar end of 2012 (2) Smokey…
  14. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 14
    Prospect: Polar Williams County Ten drilling units remaining With current drilling program, Polar will be HBP by end of 2013 Polar Well Name Map WI/NRI (%) Status Mildred 94 1H Pankowski 4-6H IP: 1,396 BOE State 1621 1H 1…
  15. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 15
    Prospect: Grizzly McKenzie County Smokey Grizzly Well Name Map WI/NRI (%) Status (2) Grizzly 3-25-36-15H 1 90/74 Grizzly (1) WOCT 149-104-15-12-1-2H Drilling 3 (2) Grizzly 3-25-13-3H 2 86/71 (1) WOCT Grizzly…
  16. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 16
    Prospect: Wildrose Williams County 1 Ames 15-32-1H WOCT(1) 2 Wildrose Schilke 16-21-1H WOCT(1) Well Name Map WI/NRI (%) Status Ames 15-32-1H 1 72/58 (1) WOCT Schilke 16-21-1H 2 85/68 (1) WOCT (1) Waiting on…
  17. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 17
    Financial Strategy Kodiak Has Historically Employed A Conservative Financial Strategy Swaps Collars 85.31 91.06 87.37 87.32 87.18 109.56 110.45 4,500 100 3,000 2,800 120 4,010 102.75 102.75 4,000 2,500 3,500 99.39 79.69 75 2,000…
  18. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 18
    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…
  19. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 19
    US Oil Pipeline System Source: ENBRIDGE www.kodiakog.com NYSE: KOG
  20. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 20
    Key Highlights 158,500 net acres in Williston Basin largely de-risked with Bakken/Three Drill-bit focused producer with large Forks potential acreage position in oil-levered Pro forma proved reserves of 60 Mmboe at 12/31/2011 (87%…
  21. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 21
    Appendix Historical Completion Activities www.kodiakog.com NYSE: KOG
  22. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 22
    Historical Completion Activities Dunn County 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 Days Days Days…
  23. Q4 2011 Earnings Review – Kodiak Oil & Gas Corp. – slide 23
    Historical Completion Activities Williams & McKenzie Counties Length of Daily Production (Boe/d) Completion WI/NRI Number of IP 24-Hour Test 1 Well Name Lateral 30 60 90 180 Status Date (%) Stages Boe/d (feet) (1) Days Days…

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