Summary
Kodiak Oil & Gas Corp., (Kodiak) entered into an agreement to acquire an additional 50,000 net leasehold Bakken acres in Williams and McKenzie Counties, North Dakota, from a private oil and gas company, for a purchase consideration of $638.4m. As a part of the consideration, Kodiak will pay $588.4m in cash and will issue common 5,055,612 shares worth of $50m to the private company and its financials partners. Kodiak will finance the acquisition cost through offering of common stock and senior notes due in 2019. On the same day, the company announced the acquisition of $650m in bridge loan commitments by affiliates of Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC.
Scope
- Rationale behind Kodiak Oil & Gas's acquiring acres in Williams and McKenzie Counties, North Dakota
- Stratigic benefits for the companies involved in the transaction
- Geography covered - the US
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in the unconventional oil and gas industry in the US
- Identify the most lucrative shale plays to leverage on the growth oppurtunities available in the US unconventional oil & gas marke
1 Table of Content
1 Table of Content 1
1.1 List of Tables 1
1.2 List of Figures 1
2 Summary 1
3 Kodiak to Acquire Additional 50,000 Net Bakken Acres in North Dakota for $638m 1
3.1 Deal Overview 1
3.2 Deal in Brief 1
3.3 Kodiak is Expanding its Acreage in the Williston Basin by Acquiring Assets Located Close to its Existing Operations 2
3.4 The Private Companies Have Sold their Assets to Kodiak at a Premium 3
3.5 Deal Financials and Valuations 4
4 Appendix 6
4.1 Methodology 6
4.2 Contact Us 7
4.3 Disclaimer 7
List of Tables
Table 1: Kodiak’s Pro Forma Net Proved Reserves, Including Acquired Assets in October 2011 and Proposed January 2012 Acquisition as of October 31, 2011 2
Table 2: Kodiak’s Assets and Operations in the Williston Basin, Including Acquired Assets in October 2011 and Proposed January 2012 Acquisition as of October 31, 2011 3
Table 3: Bakken Shale, Asset Transactions Details, May 2011 - October 2011 4
Table 4: Companies Involved 4
Table 5: Financials of the Deal 4
Table 6: Company Valuation Multiples 4
Table 7: Target Information 5
Table 8: Commodity Prices in $, Last Close 5
Table 9: Target’s Production and Reserves Information 5
Table 10: Acquirer Information 5
List of Figures
Figure 1: Kodiak, Asset Map, Post Acquisition, Contiguous Operated Acreage Position in Williston Basin 2
Figure 2: Kodiak’s Pro Forma Net Proved Reserves, Including Acquired Assets in October 2011 and Proposed January 2012 Acquisition as of October 31, 2011 3
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