Kodiak provided an interim operations update on its Williston Basin drilling and completion activities for 2010.

Kodiak will be mobilizing its third drilling rig in the Williston Basin within 30 days. Kodiak is also participating in one non-operated drilling rig with its joint venture partner in the Dunn County area of mutual interest ("AMI").The joint venture partner recently reached total depth on its first two long-lateral middle Bakken wells and they are awaiting completion. Kodiak owns a 50% WI and 41% NRI in both wells and retains a comparable interest in all of the AMI lands. The Company has recently been notified that its joint venture partner intends to mobilize a second rig to the AMI in mid-year 2011.

As of December 31, 2010, Kodiak operated, or had an interest in, a total of 35 gross (17.3 net) producing wells in the Williston Basin. As of February 28, 2011 Kodiak had six gross (4.4 net) operated wells and two gross (one net) non-operated wells waiting on completion. Two of the operated wells have been scheduled for completion in March 2011 and the Company is awaiting a completion date for a third well. The three additional operated wells are part of multi-well pads that are expected to be completed in the second quarter after all the wells have been drilled on each shared pad. At this time Kodiak does not know the completion schedule for the two-non operated wells.

Tags: Kodiak Oil & Gas