Kodiak Oil & Gas provided a first quarter operations update and production is continuing a strong growth trajectory. Production grew to 21,700 boe/d in the first three months of the year. That's 105% more than first quarter 2012 volumes of 10,578 boe/d and 19% more than fourth quarter production of 18,228 boe/d.
During the quarter Kodiak completed 20 gross (14.6 net) operated wells and 13 gross (3.4 net) non-operated wells. The company also employed a full-time completion crew as of March 2013 and expects to add a second crew in May. Multi-well pads will push operated development to 27 gross (23 net) operated wells in the second quarter.
Kodiak's CEO Lynn Peterson said: "We are pleased with the progress that we achieved during the first quarter and believe that we are on course to deliver sustained production growth during the remaining quarters."
Kodiak has seven operated rigs running, with four in Williams County, two in McKenzie County, and one in Dunn County.
12 Well Bakken Unit Being Tested
Kodiak is also drilling 12 wells in a single unit to test well spacing. Core from the wells is being evaluated and well completion and microseismic will kick off in May.
In efforts to continue driving down costs, the company has also drilled three water disposal wells in the area. Oil, gas, and water pipelines should be largely installed in the Polar Area by the end of the second quarter.