Kodiak Oil & Gas Provides Drilling Update

DENVER, Nov. 3 /PRNewswire-FirstCall/ — Kodiak Oil & Gas Corp. (TSX Venture: KOG; KOGGF.PK) today provided an update on drilling activities in the Williston Basin and Green River Basin.

Montana, Williston Basin

The State No. 6-16 well, (25% Working Interest (WI); operated by Kodiak) located in the Company’s Wrangler Prospect in Sheridan County, Montana, has been completed. The well has flowed an average of 65 barrels of oil per day during the first four days of production from the Mission Canyon Formation at a depth of 7,560-7,566 feet. The well, a half mile step-out from the State No. 8-16, is currently being produced on a 12/64ths inch choke. Central production facilities are being installed to combine production with the State No. 8-16 well.

On the North Wrangler Prospect, the Larsh No. 16-11 well, (25% WI; operated by Kodiak) has reached total depth of 7,620 feet. The well did not encounter any porosity in the Mission Canyon Formation and has been plugged and abandoned. Based upon the drilling results, the North Wrangler Prospect area, located 3.5 miles west of the Company’s Lowell Prospect, will be further evaluated for potential of the Mission Canyon and the deeper Red River Formation. Kodiak’s share of the dry hole costs was approximately $180,000.

The drilling rig is currently being moved back to the Lowell Prospect where Kodiak will spud the State No. 10-16 well, (25% WI; operated by Kodiak) which will be drilled to an estimated total depth of 7,800 feet. The Company intends to drill one additional location in 2005, the Christensen Trust No. 15-9, after the State No. 10-16 reaches total depth.

Wyoming, Green River Basin

Kodiak has reached total depth of 6,221 feet on its second Chicken Spring’s well, PRFED 14100 4-32 (50% WI; non-operator), in Sweetwater County, Wyoming. Logging procedures have been completed and production casing has been set. The well was drilled to test natural gas potential in the Almond sands and coals and is an offset to the Company’s PRFED 14100 SW29 producing well. Completion procedures will commence in mid-November. Gathering lines and production facilities are installed and the new wells will be tied into the facilities prior to completion procedures. Compression facilities are currently being installed.

The drilling rig is being moved one mile west to the CSFED 14100 2-31H location (50% WI; non-operator). This well will utilize horizontal drilling technology to evaluate the potential of the thick Almond coal. This 16 foot bench of coal has been seen in the surrounding wells and was tested for gas content in the PRFED 14100 SW29. The gas content of the coals was nearly 500 scf per ton based upon side wall cores taken from the well. The drilling program projects two laterals out of one well bore extending 3,500 feet each.

   About Kodiak Oil & Gas Corp.   —————————-  

Kodiak Oil & Gas, headquartered in Denver, is an independent energy exploration and development company focused on exploring, developing and producing oil and natural gas in the Williston and Greater Green River Basins in the U.S. Rocky Mountains. The common shares of the Company are listed for trading on the TSX Venture Exchange under the symbol “KOG.V” and the U.S. symbol “KOGGF.”

   Forward-Looking Statements   ————————–  

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,”"estimate,”"project,”"expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company’s oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission.

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Kodiak Oil & Gas Corp.

CONTACT: Mr. Lynn A. Peterson, President, Kodiak Oil & Gas Corp,(303) 592-8075; Ms. Heather Colpitts, Associate Account Manager, CHFInvestor Relations, (416) 868-1079 x.223