Weather Forecast


Kodiak Oil's third-quarter average sales volumes jump 54 percent

Kodiak Oil & Gas Corp, which primarily drills for oil in North Dakota's Bakken shale formation, said on Tuesday its third-quarter average daily sales volumes rose 54 percent from the second quarter.

The company reported average daily third-quarter sales volume of 35,400 barrels of oil equivalent per day.

For the year, Kodiak said it expects average daily production of 30,000 boe/d and to be producing about 42,000 boe/d at the end of December.

Kodiak said it completed 29 gross wells during the quarter.

The company, the eighth-largest operator in the Bakken, is set to post quarterly results on Oct. 31.

North Dakota has experienced a surge in output after tapping into the giant Bakken shale formation, which straddles the U.S. and Canadian border, turning the region into the second-largest oil producing state in the United States.

Kodiak's largest shareholders include hedge funds Paulson & Co and Citadel Investment Group LLC.