Moody's lifts Kodiak Oil & Gas

Moody's Investors Service said it upgraded Kodiak Oil & Gas Corp.'s corporate family rating to B2 from B3 and upgraded its senior unsecured notes rating to B3.

The outlook is stable.

"The upgrade reflects Kodiak's delivery of substantial 2012 production growth, which is expected to continue into 2013," said Andrew Brooks, a Moody's vice president, in a news release.

"With oil comprising over 80% of production, Kodiak is well placed to convert high oil prices into high cash margins and the company's acreage in the Bakken provides Kodiak with substantial drilling potential to support continued profitable growth."

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