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CORRECTED-(OFFICIAL)-Kodiak Oil net daily production up 7 percent from July -CEO interview
September 11, 2013 / 2:33 PM / 4 years ago

CORRECTED-(OFFICIAL)-Kodiak Oil net daily production up 7 percent from July -CEO interview

(Corrects CEO statement to show 50,000 boe/d is gross, not net, production and fixes comparison with July 23 figure)

NEW YORK, Sept 11 (Reuters) - Kodiak Oil & Gas Corp’s net daily production has risen 7 percent since July to 36,454 barrels of oil equivalent per day, the CEO of the Bakken shale fields operator said in an interview.

Gross production, which includes production from wells Kodiak does not operate but has a stake in, has risen to “just shy” of 50,000 barrels of oil equivalent per day (boe/d), CEO Lynn Peterson said on Wednesday.

The company, the eighth-largest operator in North Dakota’s Bakken shale fields, is spending about $950 million this year to drill 100 new wells.

Its net production has followed suit, rising from 34,000 boe/d as reported during a July 23 update to 36,454 boe/d.

The company bought 42,000 acres on Bakken acreage from privately held Liberty Resources in June.

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. (Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)

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