Business
Kodiak Oil & Gas Reports First-Half 2006 Results
Kodiak Oil & Gas Reports First-Half 2006 Results.
About this update from Ko Gold, Inc.
[{"type":"text","content":"\n\n\n\n\nDENVER, Aug. 11 /CNW/ -- Kodiak Oil & Gas Corp.\n(Amex: KOG; TSX Venture: KOG), an oil and gas exploration and production\ncompany with assets in the Green River and Williston Basins, today reported\nfinancial and operating results for the first half of 2006. Financial tables\nfor the first half and second quarter 2006 are included at the end of this\nnews release.\n\nFirst-half 2006\nThe Company reported a net loss for the six months ended June 30, 2006 of\n$1,014,000 or $0.02 per share compared with a net loss of $816,000 or $0.02\nper share for the same period in 2005. Included in the 2006 net loss was a\ncharge against income of $1,121,000 for stock-based compensation for options\nissued to directors and employees, while there was no such expense in 2005.\nAll per-share amounts are presented on a fully diluted basis. Net income\nbefore depreciation, depletion and amortization, gain on foreign currency\nexchange, and stock-based compensation charges was $619,000 for the six-month\nperiod ended June 30, 2006 as compared to loss of $630,000 the same period\nending June 30, 2005. Oil and gas sales for the six-month period were\n$1,771,000 versus $14,000 in the same period in 2006. Total revenues were\n$2,138,000 versus $45,000 in the same period a year ago. The rise in total\nrevenues is attributed to greater oil and gas production volumes and higher\nrealized commodity prices received.\nGas production volumes were 94,139 per thousand cubic feet (Mcf) for the\nsix-month period ended June 30, 2006, compared to 5,877 Mcf for the prior\nperiod in 2005. Oil production volumes were 23,982 barrels for the six-month\nperiod ended June 30, 2006, compared to no oil sales during the same period in\n2005. For the first half of 2006 Kodiak produced 39,672 barrels of oil\nequivalent using a conversion rate of 6 Mcf gas to each barrel of oil.\nGas price realizations increased 21% to $6.55 per Mcf for the six-month\nperiod ended June 30, 2006 compared to $5.43 per Mcf the same period in 2005.\nOil price realizations were $56.97 per barrel for the period ended June 30,\n2006. Kodiak's production is currently unhedged.\nAs of June 30, 2006, Kodiak had working capital of $24,983,000 with no\nlong-term debt. During the six-month period ended June 30, 2006, the Company\ninvested $16,208,000 for exploration and development of its lease...