Business
Kodiak Oil & Gas reports third quarter 2006 results
Kodiak Oil & Gas reports third quarter 2006 results.
About this update from Ko Gold, Inc.
[{"type":"text","content":"\n\n\n\n\nDENVER, Nov. 7 /CNW/ - Kodiak Oil & Gas Corp. (AMEX and TSX Venture:\nG), 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 nine months ended September 30, 2006. Financial tables for the\nnine-month period and third quarter 2006 are included at the end of this news\nrelease.\n\nNine months ended September 30, 2006\n------------------------------------\nThe Company reported a net loss for the nine months ended September 30,\n2006 of $1,403,000 or $0.02 per share compared with a net loss of $868,000 or\n$0.02 per share for the same period in 2005. All per share amounts are\npresented on a fully diluted basis. Net income before depreciation, depletion\nand amortization, gain on foreign currency exchange, and stock based\ncompensation charges was $968,000 for the nine-month period ended\nSeptember 30, 2006 as compared to a loss of $864,000 for the same period\nending September 30, 2005. Oil and gas sales for the nine-month period were\n$2,811,000 versus $102,000 in the same period in 2005. Total revenues were\n$3,411,000 versus $172,000 in the same period a year ago.\nGas production volumes were 93,721 thousand cubic feet (Mcf) for the\nnine-month period ended September 30, 2006, compared to 28,907 Mcf for the\nsame period in 2005. Oil production volumes were 38,223 barrels for the\nnine-month period ended September 30, 2006, compared to 300 barrels during the\nsame period in 2005. For the nine-month period ending September 30, 2006\nKodiak produced 53,834 barrels of oil equivalent using a conversion rate of 6\nMcf gas to each barrel of oil.\nGas price realizations decreased 16.5% to $5.96 per Mcf for the\nnine-month period ended September 30, 2006 compared to the same period in\n2005. Oil price realizations decreased 1.42% to $58.93 per barrel for the\nperiod ended September 30, 2006. Kodiak's production is currently unhedged.\nAs of September 30, 2006, Kodiak had working capital of $21,025,000 with\nno long-term debt. During the nine-month period ended September 30, 2006, the\nCompany invested $22,111,000 for exploration and development of its leasehold.\nResults are presented for the nine-month period because comparisons to\nthe year-ago quarterly period are skewed by the capital the Company has raised\nand ...