May 7, 2009 (FinancialWire) — Kodiak Oil & Gas Corp. (AMEX: KOG) (Current Market Cap: US$73.38 Mil.) said it has entered into purchase agreements with institutional investors and insiders, including management, for the sale of ten million shares of its common stock at $0.75 per share through a non-brokered registered direct offering.

The company expects to see gross proceeds of around $7.5 million. The company will use the funds primarily for drilling and completion activities on Kodiak’s leases in the Bakken oil play located on the Fort Berthold Indian reservation in North Dakota, and for other general corporate activities.

Denver-based Kodiak Oil & Gas is an independent energy exploration and development company focused on exploring, developing and producing oil and natural gas in the Williston and Green River Basins in the U.S. Rocky Mountains.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).