Oil and gas producer Kodiak Oil & Gas Corp said it will purchase properties in the Williston Basin in North Dakota for $590 million in cash and stock to expand its presence in the region.Kodiak will acquire 50,000 net leasehold acres in Williston basin. These properties produce about 3,500 barrels of oil equivalent per day (BOE/d).The deal, which is expected to close in early January next year, will expand Kodiak's total acreage position in the Williston Basin to about 155,000 net acres.Kodiak also forecast production of 22,000-24,000 BOE/d for all of 2012 and expects to exit next year with an output of about 30,000 BOE/d.
Shares of KOG fell by 0.26% or $-0.02/share to $7.69. In the past year, the shares have traded as low as $3.46 and as high as $7.70. On average, 4890490 shares of KOG exchange hands on a given day and today's volume is recorded at 6518174.
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