Kodiak Oil & Gas Corp. Reports Fourth Quarter and Full-Year 2007 Results

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[{"type":"text","content":"\n\n\n\nDENVER, March 13 /CNW/ -- Kodiak Oil & Gas Corp. (Amex: KOG), an oil and\ngas exploration and production company with assets in the Green River Basin of\nsouthwest Wyoming and the Williston Basin of North Dakota and Montana, today\nreported financial and operating results for the fourth quarter 2007 and\nfull-year 2007.\n\n\n2007 Financial Results\n\n\nThe Company reported a net loss for the year ended December 31, 2007 of\n$38.2 million, or $0.44 per basic and diluted share, compared with a net loss\nof $2.8 million, or $0.04 per basic and diluted share, for the same period in\n2006. The 2007 net loss includes $34 million in non-cash charges related to\nan impairment of the carrying value of oil and gas properties. Net loss\nbefore the impairment charge for 2007, a non-GAAP measure, is $4.2 million, or\n$0.05 per share. No impairment charges were recorded in 2006.\n\n\nTotal revenues were a Company-record $9.3 million for the 2007 period\nversus approximately $5.0 million for the full-year 2006. Oil and gas sales\nincreased 88% to approximately $7.8 million for the full-year 2007 on a 67%\nincrease in year-over-year production volumes. Crude oil revenue accounted\nfor approximately 86% of total 2007 oil and gas sales.\n\n\nAdjusted EBITDA was $2.7 million for the full-year 2007, as compared to\n$947,000 for the same period in 2006. Kodiak defines Adjusted EBITDA as net\nincome before interest, taxes, depreciation, depletion, amortization and\naccretion, non-cash stock-based compensation expense, impairment charges and\ngains or losses on foreign 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-K.\nAdditional disclosure regarding the Company's use of Adjusted EBITDA are also\nincluded in the Company's filing on Form 10-K.\n\n\nKodiak posted operating cash flow of $2.1 million as compared to\noperating cash flow in 2006 of $3.1 million.\n\n\nTotal assets were $74.3 million at year-end 2007, as compared to $113.8\nmillion in the same period in 2006. The decrease in total assets is primarily\nattributed to the above-mentioned impairment charge. Stockholders' equity was\n$68.3 million at December 31, 2007, as compared to $103.6 million at year-end\n2006. The Company's cash and cash equivalents position at ...

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