Home Wealth  Money Kodiak Trades Higher on Offering Increases

Kodiak Trades Higher on Offering Increases

Posted: Nov. 19th, 2011  |  By Forbes

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Kodiak Oil & Gas said today it has upsized and priced a previously announced public offering of common stock as well as a private offering of senior notes.

The stock offering has been increased from 37.5 million shares to 42 million shares, at $7.75 per share.

The private placement of senior notes due 2019 has been increase from $550 million to $650 million in aggregate principal amount.

Kodiak plans to use the net proceeds to finance its previously announced acquisition of interests in 50,000 net acres of oil and gas properties and related assets in the Williston Basin of North Dakota, to repay all outstanding debt under its second lien credit agreement, to fund capital expenditures for development in the Bakken play, as well as for general corporate purposes, including financing the potential acquisition of oil and gas properties.

The company announced acquisitions in the Bakken area and the Williston basin earlier in the week. Kodiak competes with big names with drilling and exploration activities, like Marathon Oil (nyse: MRO - news - people ) , as well as smaller players like Double Eagle Petroleum (nasdaq: DBLEP - news - people ) .

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