Kodiak Oil & Gas Corp. (NYSE:KOG) eyeing on a takeover proposal
Shares of Kodiak Oil & Gas Corp. (NYSE:KOG) plummeted 4.13% to close at $8.83 in its last trading session. It remained at the lower end of its 52 week range of $8.82 to $9.74. However, shares remained heavily traded with $14.91 million shares exchanging hands, against an average volume of 5.52 million shares.
KOG expects to release its second quarter financial results of 2013, along with the operating results after the close of trading on August 1, 2013. KOG had hired bankers last year, suggesting it on the potential buyers in a takeover bid, if company was to go into one. However, the interest of the company in a takeover has not been made public, and the news too was reported by The Wall Street Journal, on citing from an aid of the company. The bankers were asked to create a suitable proposal for a takeover that might attract possible investors. However, discussion was held at length with them, but with no decisive conclusion. Since then, bankers have been working on a proper proposal for such takeover, though the deal failed to crystallize. The banks are working with the company on inputs or other financials that might rightly value the company and get through a takeover as soon as possible.
Kodiak is an oil and gas exploration company with primary assets based out of Williston Basin of North Dakota. The company is an independent company having its presence in the energy sector in US. It is engaged in exploring, exploiting, acquiring and producing crude oil and natural gas in US. The company has proven reserves of oil and natural gas asset base. It also has developed a portfolio of developing and exploring drilling opportunities on highly potential prospects with an added emphasis on oil resources. The company’s operations are mainly located in North Dakota.