Business
Kodiak Oil & Gas Corp. Reports First Quarter 2008 Results
DENVER, May 8 /CNW/ -- Kodiak Oil & Gas Corp. (Amex: KOG), an oil and gas exploration and product...
About this update from Ko Gold, Inc.
[{"type":"text","content":"\n\n\n\nDENVER, May 8 /CNW/ -- Kodiak Oil & Gas Corp. (Amex: KOG), an oil and gas\nexploration and production company with assets in the Green River Basin of\nsouthwest Wyoming and Colorado and the Williston Basin of North Dakota and\nMontana, today reported financial and operating results for the first quarter\n2008.\n\n\nFirst Quarter Financial Results\n\n\nThe Company reported a net loss for the quarter-ended March 31, 2008, of\n$2.6 million, or $0.03 per basic and diluted share, compared with a net loss\nof $14.5 million, or $0.17 per basic and diluted share, for the same period in\n2007. The first quarter 2007 net loss included $14.0 million in non-cash\ncharges related to an impairment of the carrying value of oil and gas\nproperties. Net loss before the impairment charge for the first quarter 2007,\na non-GAAP measure, was $0.5 million, or $0.01 per share.\n\n\nTotal revenues for the first quarter 2008 were $2.0 million, versus $2.1\nmillion for the same period in 2007. Oil and gas sales were $1.9 million for\nthe first quarter 2008, as compared to $1.6 million in 2007. First quarter\n2008 interest income was approximately $0.5 million lower than in the\nprior-year period. Crude oil revenue accounted for approximately 75% of first\nquarter 2008 oil and gas sales.\n\n\nAdjusted EBITDA was negatively impacted in the first quarter of 2008 by\nthe repair work on producing oil wells described below. For the first quarter\n2008, Adjusted EBITDA was approximately $2,400 as compared to $762,000 for the\nsame period in 2007. Kodiak defines Adjusted EBITDA as net income before\ninterest, taxes, depreciation, depletion, amortization and accretion, non-cash\nstock-based compensation expense, impairment charges and gains or losses on\nforeign currency exchange.\n\n\nReconciliations of Adjusted EBITDA, a non-GAAP measure, to net loss are\nincluded in this news release and in the Company's filing on Form 10-Q.\nAdditional disclosure regarding the Company's use of Adjusted EBITDA are also\nincluded in the Company's filing on Form 10-Q.\n\n\nTotal assets were $69.9 million at March 31, 2008, as compared to $74.3\nmillion at December 31, 2007. Stockholders' equity was $67.2 million at March\n31, 2008, as compared to $68.3 million at year-end 2007. The Company's cash\nand cash equivalents position at March 31, 2008, was $9.9 million, an...