Kodiak Unveils Pricing of Underwritten Public Offering

Kodiak Oil & Gas Corp. has announced the pricing of an underwritten public offering of 6,000,000 shares of its common stock at a price of $2.75 per share. The offering is being made pursuant to an effective shelf registration statement that Kodiak filed with the Securities and Exchange Commission on July 14, 2008. The net proceeds of the offering, after deducting underwriting discounts and commissions and Kodiak's estimated offering expenses, are expected to be approximately $15,450,000 million.

The offering is expected to close on August 12, 2008 and is subject to customary closing conditions. In connection with the offering, Kodiak has granted the underwriters a 30-day option to purchase a maximum of 900,000 additional common shares to cover over-allotments, if any.

Kodiak intends to use the net proceeds of the offering for its working capital needs, to fund capital expenditures for drilling and development, principally in the Bakken play in North Dakota, and to finance the potential acquisition of oil and natural gas properties.

KeyBanc Capital Markets and RBC Capital Markets will act as underwriters in the offering.


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