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September 2009
Corporate Overview
Lynn A. Peterson, President & CEOLynn A. Peterson, President & CEO
Kodiak-operated TSB #16-8-16H & #16-8-7HDunn County, North Dakota
Contact Information
1625 Broadway, Suite 250Denver Colorado 80202
David P. CharlesSierra Partners LLC
Kodiak Oil & Gas Corp. Investor Relations
Denver, Colorado 80202P: 303-592-8075F: 303-592-8071www.kodiakog.comNYSE Amex: KOG
Sierra Partners LLCP: [email protected]
NYSE Amex: KOG
Forward-looking StatementsThis presentation includes statements that may constitute “forward-looking” statements, usually containing the words “believe,”“estimate,” “project,” “expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of thePrivate Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that couldcause actual results to differ materially from the forward-looking statements. Forward looking statements are statements that arenot historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,”“intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could”or “should” occur. Forward-looking statements in this presentation include statements regarding the Company’s exploration,or should occur. Forward looking statements in this presentation include statements regarding the Company s exploration,drilling and development programs, the Company’s expectations regarding the timing and success of such programs and thetiming and availability of financing to satisfy the capital requirements, and the Company’s expectations regarding the futureproduction of its oil & gas properties. Factors that could cause or contribute to such differences include, but are not limited to,fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projectingfuture rates of production and timing of development activities, competition, operating risks, acquisition risks, uncertaintiesregarding the Company’s liquidity and capital requirements and the availability and cost of capital necessary to fund theCompany’s current plan of operations, the effects of governmental regulation, adverse changes in the market for the Company’s
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG
p y p p , g g , g p yoil and gas production, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report filingswith the Securities and Exchange Commission.
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Key Investment HighlightsStrong Management Team g g
Kodiak’s management team has nearly 200 years of combined experience, including work for some larger independent exploration & production companiesindependent exploration & production companies
Name PositionYears of
Experience Former Companies
Lynn Peterson CEO 30 CP Resources, Deca Energy
Jim Catlin COO 37 CP Resources, Deca Energy, Petroleum, Inc.
Keith Doss CFO 22 Gasco Energy, Western Gas Resources
Russ Cunningham Exploration Manager 33 Cabot Oil & Gas, Seven Seas, Gettyg
Dr. Russell Branting Engineering Manager 20 Anadarko, Western Gas Resources,
Chevron
Michael Murray LandManager 31 EnCana, Texaco
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG 3
Manager
Corporate Data + Operationsp p
Corporate DataSymbol/Exchange: KOG / NYSE AmexMarket Capitalization: ~$150 MMShares Outstanding: 104.7 MMManagement Ownership: 8%Total Assets (6/30/2009): $45.9 MM—Zero LT Debt
Operations SummaryWilliston Basin
Lease position: 101 000 gross acres (64 000 net)CE #1-22-10H
• Lease position: 101,000 gross acres (64,000 net)• 58,000 gross (35,000 net) in Dunn County, ND• Targeting the Bakken shale, Three Forks /Sanish,
Red River, and Mission Canyon formations
CE #1-22-10H
Green River Basin and Other Wyoming• Lease position: 64,000 gross acres (34,200 net)• Targeting the Baxter shale and Almond Sands
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG 4
Williston Basin
• Most active Bakken region in ND
• On trend with significant Bakken producers
• Targeting Middle Bakken with Three Forks / Sanish Potential
PA
MISSISSIPPIAN-Ratcliffe-Mission Canyon 8,000’
DEVONIANALEOZ
DEVONIAN-Bakken 10,300’-Three Forks 10,450’-Nisku-Duperow
OIC
SILURIAN-Interlake
ORDOVICIAN-Red River11 000’
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG 5
11,000’
Williston BasinBakken Oil Play Activity Mapy y p
2009 CAPEX primarily allocated for the Bakken oil play on the Fort Berthold Indian
Whiting/Reservation (FBIR) in Dunn County, ND
• KOG operates approximately 80% of its leasehold, controls drilling pace and expenditures
FBIR Lease Position as of 8/31/2009
Whiting/EOG Parshall
Field
FBIR Lease Position as of 8/31/2009:
• 58,000 gross; 35,000 net acres
• Original 5-year lease terms with 3-4 years remaining on existing leases
MOUNTRAIL
McCLEAN
Well Spacing: 320 – 640 – 1,280 acres
Reported Bakken EURs: 250 – 750+ MBoe
McCLEAN
McKENZIE
DUNNKodiak
Oil & Gas Corp.
Current Economic Parameters
• $4.0 MM – $6.0 MM drilling and completion costs
• 25-35 days to TD
82% N t R I t t
MarathonConocoPhillips
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG
• 82% Net Revenue Interest
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Bakken Formation
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG 7
Kodiak Bakken Drilling Program
Partner: XTO KODIAK 50% WI
Initial Production1,037 BOPD948 MCFD
1,195 BOEPD
Initial Production 960 BOEPD
TWO SHIELDS BUTTE
KOG Initial Production
1,626 BOPD
1.38 MMCF1,856 BOEPD
KOG Initial Production711 BOPD
KOG Well /L ti
Initial
3
4BUTTE SADDLE BUTTE
6Initial Production
1 128 BOPD
711 BOPD604 MCF
811 BOEPD1: MC 16-34-2H
2: MC 16-34H
3: TSB 16-8-16H
/Location
KOG Initial Production1,309 BOPD1.1 MMCF
1 492 BOEPD
Initial Production870 BOPD
Initial Production829 BOPD547 MCFD
920 BOEPD5Three Forks
Test465 BOPD
SKUNK CREEK61,128 BOPD
1.28 MMCFD1,342 BOEPD
4: TSB 16-8-7H
5: TSB 14-33-6H
6: TSB 14-33-28H
7: CE 1-22-10H
1,492 BOEPD
KOG Initial Production903 BOPD453 MMCF978 BOEPD 272 MCF
510 BOEPD
1
2CHARGING EAGLE
TALL BEAR7
KOG Initial Production1,274 BOPD
717 MCF1,394 BOEPD
8: CE 1-22-23H
9: TB 16-15-16H
978 BOEPD
Private CompanyKODIAK 60% WI Private Company
KODIAK 60% WI
MOCCASIN CREEK
8KOG Initial Production604 BOPD643 MCF
711 BOEPD
9
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG 8
KODIAK 60% WI711 BOEPD
2009 Drilling and Completion Activitiesg p
WI / NRIDays
toLength
of CompletionNumber
of
IP 24-HourTest
First 30 Days Oil
WellWI / NRI
(%)to
TD*of
LateralCompletion
Dateof
StagesTest
BOE/DDays Oil
Production Note
MC #16-34-2H 60 /49 41 4,169’ 4/23/2009 8 711 8,397 Flowing well
MC #16-34H 60 / 49 36 4,150’ 5/4/2009 5 1,394 13,406 Flowing well
TSB #16 8 7H 37 5 / 30 5 28 8 995’ 6/7/2009 15 1 856 21 542 Fl i llTSB #16-8-7H 37.5 / 30.5 28 8,995’ 6/7/2009 15 1,856 21,542 Flowing well
TSB #16-8-16H 50 /41 31 4,465’ 6/18/2009 5 811 12,288 Flowing well
TSB #14-33-28H 50 /41 31 8,313’ 8/3/2009 15 1,492 — Flowing well
TSB #14-33-6H 50 /41 26 4 163’ 8/24/2009 6 978 — Flowing wellTSB #14 33 6H 50 /41 26 4,163 8/24/2009 6 978 Flowing well
CE #1-22-10H 55 /45 32 9,950’ Q4 2009 15 — — WOCU
CE #1-22-23H 60 /50 — 6,621’ Q4 2009 13 — — WOCU
TB #16-15-16H 60 /50 — **10,000’ Q4 2009 — —Spud after
CE#1-22-23H
*Includes running liner in the hole / ** Approximate lateral length
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG 9
2009/2010 Drilling and Pipelinesg p
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG 10
Field Inventory 8 Approved Permits 1 Drilling Pad Built
Key Investment HighlightsDeveloping Position in the Vermillion Basinp g
Current Activity• Completing CFU #14-36 well
Completion to follo on HBU #13 36 ellCFU 1-8 Vertical Test drilled in 2008.
• Completion to follow on HBU #13-36 well
Total Acreage Position: • 44,000 gross acres
HBU 13-36 Horizontal wellWaiting on Completion
CFU #14-36 Horizontal TestCompletion Operations
Underway
• 9,100 net acres
Multiple formations in addition to the Baxter Shale containing hydrocarbons
HBU 1-4 Vertical well drilled in 2008.
Sweetwater County, WYMoffat County, CO
hydrocarbons
Kodiak has an exploration agreement with Devon Energy
D t• Devon operates• Operator drilled two horizontal and two
vertical wells in 2008• Horizontal wells currently being completed
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG 11
Key Investment Highlights Summaryy g g y
Actively Developing Williston Basin Leasehold• Bakken shale characterized by low geological risk• Six Bakken wells completed and producingp p g• Two Bakken wells WOC; One Bakken awaiting rig move and rigging up• Growing production and cash flow • Upside potential in emerging Three Forks / Sanish play underlying Bakken Fm
What this could possibly mean to shareholders (risked case)• Bakken: 35,000 net acres X 90% / 640-acre spacing = 50 net locations
• 50 net locations X 600,000 EUR X 0.82 NRI = 25 MMBO • Three Forks: 35,000 net acres X 50% / 640-acre spacing = 27 net locations
• 27 net locations X 400,000 EUR X 0.82 NRI = 9 MMBO
KOG-operated Bakken properties with significant WI%KOG operated Bakken properties with significant WI%
Large, experienced joint-venture partners
Cl b l h i h l d b
Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains.www.kodiakog.comNYSE Amex: KOG
Clean balance sheet with no long-term debt
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