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Kodiak Oil & Gas Corp. Reports Second Quarter 2007 Financial and Operational Results
Kodiak Oil & Gas Corp. Reports Second Quarter 2007 Financial and Operational Results.
About this update from Ko Gold, Inc.
[{"type":"text","content":"\n\n\n\nDENVER, Aug. 9 /CNW/ -- Kodiak Oil & Gas Corp. (Amex: KOG), an oil and\ngas exploration and production company with assets in the Green River and\nWilliston Basins, today reported financial and operating results for the\nthree-and six-months ended June 30, 2007.\n\n\nSecond Quarter 2007\n\n\nThe Company reported a net loss for the second quarter 2007 of $450,000,\nor $0.01 per share, as compared to a net loss of $1.0 million, or $0.01 per\nshare, for the same period in 2006. All per-share amounts are presented on a\nweighted average basis. Kodiak had 87.6 million shares outstanding at June\n30, 2007, as compared to 74.4 million shares outstanding in the year-ago\nperiod.\n\n\nFor the second quarter 2007, net income before depreciation, depletion\nand amortization, stock-based compensation charges, impairment charge and gain\non foreign currency exchange, or what the Company refers to as adjusted\nEBITDA, was $228,000. This compares to $133,000 of adjusted EBITDA for the\nsame period in 2006. Adjusted EBITDA is a non-GAAP measure. A reconciliation\nof adjusted EBITDA to net income is included in this press release and can\nalso be referenced in the Company's filing on Form 10-Q for the second quarter\nof 2007.\n\n\nNet cash provided by operating activities was $3.9 million for the second\nquarter 2007, as compared to $498,000 in the same period in 2006. Of the\nincrease in net cash provided by operating activities in the second quarter\n2007, approximately $2.9 million is attributed to changes in working capital\nline items as compared to $55,000 in the same period of 2006.\n\n\nOil and gas sales for the second quarter 2007 were $1.9 million versus\n$862,000 in the same period in 2006. Total revenues were $2.3 million versus\n$1.1 million in year-ago period.\n\n\nFirst-Half 2007\n\n\nThe Company reported a net loss for the first half of 2007 of $14.9\nmillion, or $0.17 per share, as compared to a net loss of $1.0 million, or\n$0.02 per share, for the same period in 2006. Included in first half 2007's\noperating expense is a non-cash charge of $14 million incurred in the first\nquarter of 2007 related to an impairment of the carrying value of oil and gas\nproperties. The impairment charge is discussed in detail in Kodiak's filing\non Form 10Q for the first quarter of 2007.\n\n\nFor the first half of 2007, Kodiak report...