DENVER, Nov. 30 /PRNewswire-FirstCall/ -- Kodiak Oil & Gas Corp. (Amex: KOG; TSX Venture: KOG), an oil and gas exploration and production company with assets in the Green River and Williston Basins, today provided an update on its 2006 drilling program in the Vermillion Basin in Wyoming and in the Williston Basin in North Dakota. Vermillion Basin -- Wyoming Kodiak announces that it has reached total drilling depth on its North Trail-State #4-36 well (100% working interest [WI] -- Kodiak operated). The well was drilled in 37 days to 14,292 feet to evaluate the natural gas potential of the over-pressured Baxter Shale and Frontier and Dakota sands. The Company is preparing to set production casing to total depth. Completion work will commence immediately and is expected to take several weeks. The Company intends to install gas gathering facilities to the well before the well is completed. The Company intends to move the drilling rig three miles west of the current well to the NT #1-33 location (100% WI -- Kodiak operated). The location, one mile north of the recently drilled Trail #30 drilled by a third party, is built, and drilling operations should commence the first part of December. The Company believes that drilling of this well will be completed in January 2007. Williston Basin -- North Dakota and Montana Grizzly Prospect -- McKenzie County, North Dakota Kodiak also announces that it is nearing completion of its drilling operations on the Grizzly Federal #1-27H well, (62.5% WI -- Kodiak operated). The single lateral well bore is drilling at 17,370 feet, and drilling should be completed this week. This well is the last Bakken well scheduled for the 2006 drilling program. Additional locations are forecast for mid-year 2007. The drilling rig will be moved to the #2-13 Larsh well (50% WI -- Kodiak operated), located in Sheridan County, Mont. The well will evaluate the Mission Canyon Formation at an approximate depth of 8,000 feet and the Red River Formation at a depth of 11,000 feet. The location for this well has been built, and drilling time is estimated at 30 days. Management Comment Commenting on the drilling progress, Lynn Peterson, Kodiak's President and CEO, said: "The North Trail State #4-36 well represented our first operated well in the Vermillion Basin to the over-pressured Baxter Shale and Frontier and Dakota sands. Our operations staff and the contract drilling company did an excellent job in drilling this well. We are encouraged by our gas shows during drilling, and we are moving ahead with our completion work. We anticipate that we could have some production results by year end." 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 Green River Basins in the Rocky Mountain region of the United States. For further information, please visit http://www.kodiakog.com/. The common shares of the Company are listed for trading on the American Stock Exchange and the TSX Venture Exchange under the symbol "KOG." 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. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," 'projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a well is actually developed. Forward-looking statements in this document include statements regarding the Company's exploration, drilling and development plans, the Company's expectations regarding the timing and success of such programs and the Company's expectations regarding its production and results of operations in future periods. 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. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. DATASOURCE: Kodiak Oil & Gas Corp. CONTACT: Lynn A. Peterson, President of Kodiak Oil & Gas Corp., +1-303-592-8075; or David Charles of EnerCom, Inc., +1-303-296-8834, for Kodiak Oil & Gas Corp.; or Heather Colpitts, Associate Account Manager of CHF Investor Relations, +1-416-868-1079, ext. 223, for Kodiak Oil & Gas Corp.

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