Business
Kodiak Oil & Gas Reports Fourth Quarter and Full-Year 2006 Results
Kodiak Oil & Gas Reports Fourth Quarter and Full-Year 2006 Results.
About this update from Ko Gold, Inc.
[{"type":"text","content":"\n\n\n\nDENVER, March 19 /CNW/ -- Kodiak Oil & Gas Corp. (Amex: KOG; TSX Venture:\nKOG), an oil and gas exploration and production company with assets in the\nGreen River and Williston Basins, today reported financial and operating\nresults for the three months and 12 months ended December 31, 2006. Financial\ntables for the full-year and the fourth quarter 2006 are included at the end\nof this news release.\n\n\nFull-Year 2006\n\n\nThe Company reported a net loss for the 12 months ended December 31, 2006\nof $2.8 million, or $0.04 per share, compared with a net loss of $2.0 million,\nor $0.05 per share, for the same period in 2005. All per share amounts are\npresented on a weighted average basis. Kodiak had 87.5 million shares\noutstanding at year-end 2006 as compared to 54.5 million shares outstanding at\nyear-end 2005. Net income before depreciation, depletion and amortization and\nstock-based compensation charges ("Adjusted EBITDA") was $947,000 for the\nyear-ended December 31, 2006 as compared to a loss of $1.2 million for the\nsame period in 2005.\n\n\nOil and gas sales for the full-year 2006 were $4.2 million versus\n$365,000 in the same period in 2005. Total revenues were $5 million versus\n$453,000 in the same period a year ago. For the full-year 2006, Kodiak posted\noperating cash flow of $3.1 million as compared to cash used by operations in\n2005 of $1.2 million.\n\n\nTotal assets were $113.8 million at year-end 2006, up from $25.8 million\nin the same period in 2005. Stockholders' equity grew to $103.6 million\nDecember 31, 2006 from $21.3 million at year-end 2005. The Company's cash\nposition at year-end is $61.1 million, and it currently has no long-term debt.\n\n\nFourth Quarter 2006\n\n\nThe Company reported a net loss for the three months ended December 31,\n2006 of $2.2 million, or $0.02 per share, compared with a net loss of $1.1\nmillion, or $0.02 per share, for the same period in 2005. Net loss before\ndepreciation, depletion and amortization and stock-based compensation charges\n("Adjusted EBITDA") was $21,000 for the quarter-ended December 31, 2006 as\ncompared to a loss of $361,000 for the same period in 2005.\n\n\nOil and gas sales for the fourth quarter were $1.3 million versus\n$264,000 in the same period in 2005. Total revenues were $1.6 million versus\n$280,000 in the same pe...