Kodiak Oil & Gas Corp. Reports Third Quarter 2007 Financial and Operational Results

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[{"type":"text","content":"\n\n\n\nDENVER, Nov. 8 /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 three and nine months ended\nSeptember 30, 2007.\n\n\nThird Quarter 2007\n\n\nThe Company reported a net loss for the three months ended September 30,\n2007 of approximately $22.0 million, or $0.25 per basic and diluted share, as\ncompared to a net loss of approximately $389,000, or $0.01 per basic and\ndiluted share, for the same period in 2006. The third quarter 2007 net loss\nincluded a $20 million non-cash charge related to the impairment of the\ncarrying value of oil and gas properties. Excluding the impairment, Kodiak\nwould have reported a net loss of $1.9 million, or $0.02 per share. Total\nrevenues were approximately $2.5 million for the quarter versus approximately\n$1.3 million in the third quarter of 2006. Oil and gas revenues increased\n111% to approximately $2.2 million for the third quarter of 2007 on an 89%\nincrease in production volumes over the third quarter of 2006. Crude oil\nrevenue accounted for 90% of total third quarter 2007 oil and gas revenue.\n\n\nAdjusted EBITDA was $816,000 for third quarter 2007 as compared to\n$350,000 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. A reconciliation of adjusted\nEBITDA, a non-GAAP measure, to net income, as well as important disclosures\nabout the use of this measure, are included in this news release and in the\nCompany's filings on Form 10-Q.\n\n\nNine Months Results\n\n\nThe Company reported a net loss for the nine months ended September 30,\n2007 of $36.9 million, or $0.42 per basic and diluted share, as compared to a\nnet loss of $1.4 million, or $0.02 per basic and diluted share, for the same\nperiod in 2006. Included in 2007 year to date earnings is a non-cash\nimpairment of $34.0 million. Excluding the impairment, results for the nine\nmonths ended September 30, 2007 would have been a net loss of $2.9 million or\n$0.03 per share. Total revenues were approxi...

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