Kodiak Oil & Gas Corp's purchase of 42,000 acres of leases in North Dakota's Bakken shale fields last June has helped boost the company's production, Chief Executive Lynn Peterson said in an interview on Wednesday.The increase reflects the company's aggressive plan to spend about $950 million this year to drill 100 new wells. Kodiak is the eighth-largest Bakken operator and its oil production has been steadily increasing, despite its relatively small size compared with Bakken peers.The company's stock has followed suit, rising 25 percent since January, a boon to hedge funds Paulson & Co and Citadel Investment Group LLC, Kodiak's two largest shareholders.Peterson, CEO since 2001, failed to comment when asked if Kodiak is seeking a buyer.
Kodiak Oil & Gas Corp. (Kodiak) is an independent energy company focused on the exploration, exploitation, acquisition and production of crude oil and natural gas in the United States. Shares of KOG traded higher by 2.0% or $0.2199/share to $11.22. In the past year, the shares have traded as low as $6.92 and as high as $9.97. On average, 5611030 shares of KOG exchange hands on a given day and today's volume is recorded at 4775433.
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