The acquisition includes about 25,000 net mineral acres and production of approximately 200 net barrels of oil equivalent per day.
The total purchase price for the leasehold interests and associated assets is $85.5m and is comprised of $71.5m in cash and the issuance to the seller of 2.5 million shares of Kodiak common stock.
As part of the transaction, Kodiak signed a contract for a new build drilling rig that was previously contracted to the seller, and the drilling rig is scheduled for completion in September this year.
With this acquisition, Kodiak increases its acreage position in the Williston Basin to about 100,000 net acres.
