Kodiak Oil & Gas (KOG)

[Wildbilly]

Kodiak Oil & Gas: $660 Million Bakken Acquisition
Jun 3 2013, 14:55  
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

http://seekingalpha.com/article/1477431-kodiak-oil-gas-660-million-bakken-acquisition-quick-read?source=email_rt_article_readmore

This morning, Kodiak Oil & Gas (KOG) announced that it is acquiring additional Bakken and Three Forks producing properties and undeveloped leasehold in the Williston Basin of North Dakota from Liberty Resources, a Denver-based private oil and gas company, for $660 million in cash.

The Transaction

Kodiak will acquire approximately 42,000 net acres located in McKenzie and southern Williams Counties, N.D. The acquired leasehold includes 35 controlled 1,280-acre drilling spacing units. Importantly, 90% of the acreage is held by production. The southern Williams County lands, approximating 14,000 net acres, are adjacent to Kodiak's Polar core operating area (acquisition acreage shown in light yellow on the map below). An additional 25,000 net acres are located in McKenzie County to the west of the company's Koala and Smokey areas (the "Ursid" area). The acquired properties appear to be contiguous, well delineated blocks.