Kodiak Oil & Gas Corp. Announces $7.5 Million Registered Direct Offering of Common Stock

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[{"type":"text","content":"\n\n\n\nDENVER, May 7 /CNW/ -- Kodiak Oil & Gas Corp. (NYSE Amex: KOG), an oil\nand gas exploration and production company with assets in the Williston Basin\nof North Dakota and Montana and the Green River Basin of southwest Wyoming and\nColorado, today announced that it has entered into purchase agreements with\ncertain institutional investors and insiders, including management, for the\nsale of 10,000,000 shares of its common stock at $0.75 per share through a\nnon-brokered registered direct offering. The transaction is expected to\nprovide gross proceeds of approximately $7.5 million to Kodiak before\ndeducting costs associated with the offering, and will be used primarily for\ndrilling and completion activities on Kodiak's leases in the Bakken oil play\nlocated on the Fort Berthold Indian Reservation in North Dakota, and for other\ngeneral corporate activities. Subject to Kodiak obtaining NYSE Amex approval\nfor the listing of the common shares issuable pursuant to the transaction, the\nclosing of the transaction is expected to occur on or about May 11, 2009.\n\n\nThe shares of common stock offered by Kodiak in this transaction will be\nregistered upon issuance under Kodiak's existing shelf registration statement\non Form S-3, which was declared effective by the Securities and Exchange\nCommission on July 24, 2008. There was no placement agent or underwriter in\nthis transaction.\n\n\nThis press release does not constitute an offer to sell or the\nsolicitation of an offer to buy common stock of Kodiak Oil & Gas Corp., nor\nshall there be any sale of these securities in any state or jurisdiction in\nwhich such an offer, solicitation or sale would be unlawful prior to\nregistration or qualification under the securities laws of any such state or\njurisdiction. Copies of the final prospectus supplement and accompanying base\nprospectus relating to this offering may be obtained at the Securities and\nExchange Commission's web site at http://www.sec.gov, or from Kodiak Oil & Gas\nCorp., 1625 Broadway, Suite 250, Denver, Colorado 80202, Attention: Chief\nFinancial Officer.\n\n\n\n\nAbout Kodiak Oil & Gas Corp.\n\n\nKodiak Oil & Gas, Denver-based, is an independent energy exploration and\ndevelopment company focused on exploring, developing and producing oil and\nnatural gas in the Williston and Green River Basi...

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