Kodiak Completes CDN $9.8 Million Private Placement

Kodiak Oil & Gas Corp. (TSX Venture: KOG; KOGGF.PK) reports the sale through a private placement of 7 million shares of common stock to a group of U.S. and Canadian institutional investors. The Company raised a total of CDN $9.8 million at a share price of CDN$1.40. The private placement was non-brokered.

Proceeds from the financing will help fund Kodiak's share of its 2006 exploration and drilling programs in the Green River Basin in Wyoming and the Williston Basin of Eastern Montana and Western North Dakota. Funds will also be used for working capital and general corporate purposes.

The financing does not result in a change in control of the Company. The shares are subject to a four-month hold period.

The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States unless such securities are registered under the Securities Act or an exemption from such registration requirements is available.

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 Greater Green River Basins in the U.S. Rocky Mountains. The common shares of the Company are listed for trading on the TSX Venture Exchange under the symbol "KOG" and the U.S. symbol "KOGGF."