This excerpt taken from the KOG 8-K filed May 10, 2007.
For the first quarter 2007, gas and natural gas liquid production volumes were 45.9 million cubic feet of natural gas (MMcf), as compared to 32 MMcf for the same period in 2006. Oil production volumes were 25,266 barrels for the first quarter 2007, compared to 12,998 barrels during the same period in 2006. On a natural gas equivalent basis, Kodiak produced 197.5 MMcfe for the first quarter, using a conversion rate of 6 Mcf gas to each barrel of oil. This compares to 109.7 MMcfe for the same period in 2006.
The average gas price received for the quarter decreased 11% to $6.52 per Mcf when compared to the $7.29 per Mcf received in 2006. Oil price realizations remained strong quarter-over-quarter. Average prices were off by only 3% to $50.55 per barrel for the quarter when compared to the $51.92 received in the first quarter of 2006. Kodiaks oil and gas production is currently unhedged.
During the first quarter 2007, Kodiak invested $13.3 million for exploration and development of its leasehold, including drilling three gross wells (2.0 net) with one dry hole in the Williston Basin. The Company completed two wells in the quarter. Expenditures in the first quarter are consistent with the Companys 2007 capital expenditure budget. The initial CAPEX budget includes the proposed drilling and completion of approximately 20 gross wells (13.38 net wells) for the total 2007 program. In the Greater Green River Basin, the budget allocates $31.5 million for seven gross and net (100% WI) wells targeting the Baxter Shale and Dakota and Frontier sands. A more comprehensive discussion of the 2007 CAPEX can be referenced in Kodiaks recent corporate presentation or in the January 4, 2007 press release discussing the same.
This excerpt taken from the KOG 20-F filed May 2, 2006.
The following table sets forth oil and gas production from our net interests in producing properties for the year ended December 31, 2005