Kodiak Oil 'tracking pretty well' on 2011 Capex estimate, CEO says

By Aleesia Forni

Columbus, Ohio, Oct. 5 - Kodiak Oil & Gas Corp. is "tracking pretty well" on its 2011 capital expenditure plan of $230 million, according to chief executive officer Lynn A. Peterson.

Peterson said the company "should fall pretty much in line" with this estimate during the company's presentation at the Johnson Rice Energy Conference.

"I think we're in great shape," Peterson said. "We've got plenty of liquidity to deal with."

As of June 30, the company reported $150 million in existing cash balances, with a $110 million undrawn on its revolving credit facility.

"We probably are positioned to really weather any storm that's thrown at us," Peterson said.

Kodiak is a Denver-based energy company focused on the exploration, acquisition and production of natural gas and crude oil.

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