Vermillion Basin -- Wyoming
Kodiak announces that it has reached total drilling depth on its North Trail-State #4-36 well (100% working interest [WI] -- Kodiak operated). The well was drilled in 37 days to 14,292 feet to evaluate the natural gas potential of the over-pressured Baxter Shale and Frontier and Dakota sands. The Company is preparing to set production casing to total depth. Completion work will commence immediately and is expected to take several weeks. The Company intends to install gas gathering facilities to the well before the well is completed.
The Company intends to move the drilling rig three miles west of the current well to the NT #1-33 location (100% WI -- Kodiak operated). The location, one mile north of the recently drilled Trail #30 drilled by a third party, is built, and drilling operations should commence the first part of December. The Company believes that drilling of this well will be completed in January 2007.
Williston Basin -- North Dakota and Montana
Grizzly Prospect -- McKenzie County, North Dakota
Kodiak also announces that it is nearing completion of its drilling operations on the Grizzly Federal #1-27H well, (62.5% WI -- Kodiak operated). The single lateral well bore is drilling at 17,370 feet, and drilling should be completed this week. This well is the last Bakken well scheduled for the 2006 drilling program. Additional locations are forecast for mid-year 2007.
The drilling rig will be moved to the #2-13 Larsh well (50% WI -- Kodiak operated), located in Sheridan County, Mont. The well will evaluate the Mission Canyon Formation at an approximate depth of 8,000 feet and the Red River Formation at a depth of 11,000 feet. The location for this well has been built, and drilling time is estimated at 30 days.
Commenting on the drilling progress, Lynn Peterson, Kodiak's President and CEO, said: "The North Trail State #4-36 well represented our first operated well in the Vermillion Basin to the over-pressured Baxter Shale and Frontier and Dakota sands. Our operations staff and the contract drilling company did an excellent job in drilling this well. We are encouraged by our gas shows during drilling, and we are moving ahead with our completion work. We anticipate that we could have some production results by year end."
Kodiak Oil & Gas, headquartered in Denver, is an independent energy exploration and development company focused on exploring, developing and producing oil and natural gas in the Williston and Green River Basins in the Rocky Mountain region of the United States.
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