Exhibit 99.1

FOR IMMEDIATE RELEASE ON THURSDAY, NOVEMBER 3, 2011

KODIAK OIL & GAS CORP. REPORTS

THIRD QUARTER 2011 FINANCIAL RESULTS

DENVER — November 3, 2011 /PRNewswire-FirstCall/ — Kodiak Oil & Gas Corp. (NYSE: KOG), an oil and gas exploration and production company with assets in the Williston Basin of North Dakota and Montana, today announced its third quarter 2011 financial results.  The Company also today provided an interim operations update on its Williston Basin drilling and completion activities.

Highlights Include:

·                  Q3 2011 GAAP EARNINGS OF $30.8 MILLION ($0.15 PER SHARE), INCLUDING UNREALIZED DERIVATIVE GAINS

·                  OIL & GAS SALES OF $29.5 MILLION, A 263% INCREASE

·                  ADJUSTED EBITDA OF $20.0 MILLION, 321% GROWTH

Third Quarter 2011 Financial Results

The Company reported net income for the third quarter 2011 of $30.8 million, or $0.15 per basic and diluted share, compared with net income of $361,000, or $0.00 per basic and diluted share, for the same period in 2010.  Included in the third quarter 2011 net income calculation are unrealized derivative gains of $19.0 million attributed to the non-cash change in the value of derivatives utilized for commodity price risk management.  The unrealized derivative gains, a non-cash credit, increased Kodiak’s reported net income for the third quarter 2011 by $0.09 per basic and diluted share.

For the quarter-ended September 30, 2011, the Company reported oil and gas sales of $29.5 million, as compared to approximately $8.1 million during the same period in 2010, a 263% increase and a Company record.  Crude oil revenue accounted for approximately 95% of third quarter 2011 oil and gas sales.  Kodiak posted a 183% increase in oil sales volumes and a 262% increase in gas sales volumes for an overall 187% increase in quarter-over-quarter equivalent sales volumes to approximately 364,000 barrels of oil equivalent (BOE).  Kodiak provided a comprehensive third quarter 2011 production and operations update on Tuesday, October 18, 2011 which may be referenced for a more detailed production discussion.

Adjusted EBITDA, a non-GAAP measure, was $20.0 million for the third quarter 2011, as compared to $4.7 million in the same period in 2010, a 321% increase and another Company record.  Kodiak defines Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depletion, depreciation, amortization, and accretion (iv) amortization of deferred financing costs, (v) impairment, (vi) non-cash expenses relating to share based payments recognized under ASC Topic 718, (vii) pre-tax unrealized gains and losses on foreign currency, and (viii) pre-tax unrealized gain and losses on commodity price risk management activities.  A reconciliation of Adjusted EBITDA to net income is included in the financial tables later in this earnings release.

Kodiak reported record net cash provided by operating activities for the third quarter 2011 of $19.6 million, as compared to $8.0 million in the same period in 2010.  The Company reported cash used in investing activities of $89.7 million during the third quarter of 2011, of which $66.0 million was invested for the drilling and completion of wells and for infrastructure in its Williston Basin drilling program and $17.7 million of which was allocated to a deposit into escrow

associated with the recently announced acquisition of additional Williston Basin assets which closed on October 28, 2011.

Third Quarter 2011 Expense Analysis

For the quarter-ended September 30, 2011, general and administrative (G&A) expense was $4.5 million, as compared to $2.8 million for the same period in 2010.  The increase in total G&A is attributed primarily to the hiring of new personnel as the Company continues to rapidly expand its oil and gas operations and operated rig count.  The Company had 60 employees at September 30, 2011, as compared to 30 employees at September 30, 2010.  Included in the third quarter 2011 G&A expense is a non-cash, stock-based compensation charge of $1.0 million, as compared to $1.1 million for the same period in 2010.

Kodiak’s lease operating expense (LOE) for the third quarter 2011 was $6.5 million, as compared to $1.7 million during the same period in 2010.  The increase in LOE is attributed to additional production expense associated with a growing number of producing wells.  This increase also included expenses incurred in repairing roads and well pads following the first-half 2011 adverse winter weather and resultant flooding during the spring runoff.  Severance taxes were also higher due to increased oil and gas revenues during the 2011 period, as compared to the 2010 period.

Depletion, depreciation, amortization and accretion (DD&A) expense for the third quarter 2011 was $6.8 million, as compared to $2.1 million for the same period in 2010.  The increase is primarily due to the increase in sales volumes and, to a lesser extent, an increase in the per-unit charge.

Nine-Month Period Financial Results

The Company reported record quarterly net income for the nine-month period ended September 30, 2011 of $37.6 million, or $0.20 per basic and diluted share, compared with net income of $2.0 million, or $0.02 per basic and diluted share, for the same period in 2010.  Included in the nine-month 2011 period’s net income calculation are unrealized derivative gains of $15.5 million attributed to the non-cash change in the value of derivatives utilized for commodity price risk management.  The unrealized derivative gains, a non-cash credit, increased Kodiak’s reported net income for the 2011 nine-month period by $0.08 per basic and diluted share.

Oil and gas sales were $65.0 million for the first nine months of 2011, as compared to approximately $20.0 million during the 2010 period, a 225% increase and a Company record.  Kodiak reported a 154% increase in oil sales volumes and a 117% increase in gas sales volumes for an overall 151% increase in equivalent production volumes during the nine-month 2011 period, as compared to the 2010 period.  Production for the 2011 nine-month period was 770,000 BOE/d, as compared to 307,000 BOE/d in the prior year period.

For the first nine months of 2011, Adjusted EBITDA was $41.4 million, as compared to $10.9 million for the prior-year period.  Kodiak reported net cash provided by operating activities for the first nine months of 2011 of $43.1 million, as compared to $12.8 million in the prior-year period.

The Company reported cash used for investing activities of $239.6 million during the first nine months of 2011 with approximately $155.3 million invested for the drilling and completion of wells in its Williston Basin drilling program,

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$132.3 million of which was allocated to Kodiak-operated wells.  During the first nine months of 2011, Kodiak drilled or participated in 31 gross wells (13.9 net) and completed 18 gross wells (8.2 net).  The Company also invested $85.8 million during the second quarter 2011 to acquire an additional 25,000 net acres and producing properties in the Williston Basin which closed on June 30, 2011.

As of September 30, 2011, the Company’s total current assets were $133.6 million, its cash and equivalents position was $78.6 million and it had prepaid expenses, consisting of tubular goods and surface equipment, of $20.0 million.  Long-term debt as of September 30, 2011 was $55.0 million, which consisted of zero borrowings under the Company’s revolving line of credit and $55 million in borrowings under its second lien term loan credit facility (“second lien facility”) both of which are led by Wells Fargo.

As of November 3, 2011, Kodiak had $186 million outstanding under its credit facility that was drawn in conjunction with the October 28, 2011 acquisition of Williston Basin producing properties and undeveloped leasehold.  The Company also had $100 million outstanding on its second lien facility.

Subsequent Events

On October 28, 2011, the Company acquired from a privately held oil and gas company, interests in approximately 13,400 net acres of Williston Basin leaseholds, and related producing properties located primarily in Williams County, N.D.  The Company paid cash consideration of approximately $248.2 million and the effective date was August 1, 2011, with purchase price adjustments calculated at the closing date October 28, 2011.

In October 2011, Kodiak amended its existing agreement with Halliburton Energy Services whereby the Company will have a full-time 24-hour dedicated crew for pressure pumping services.  Kodiak anticipates having approximately 21 days available through year-end and then moving into a full-time arrangement in early 2012.  As a result of the agreement, Kodiak believes that it has enhanced its ability to execute its ongoing completion program.

2011 Production Guidance

As stated in the earlier October 18, 2011 news release, the Company averaged approximately 4,000 barrels of oil equivalent (BOE) during the third quarter of 2011.  After completing the five gross (4.0 net) wells in late September and early October 2011, the Company’s production is in the range of 7,500 to 8,000 BOE per day.  Subject to the timely and satisfactory execution of the Company’s currently scheduled fourth quarter completions, the Company believes its full-year average daily production guidance for the range of 4,500 BOE/d to 5,000 BOE/d remains intact.  Kodiak reaffirms its December 31, 2011 exit rate guidance of over 9,000 BOE/d, excluding production associated with properties that closed on October 28, 2011.

2011 Capex Guidance

The Company’s 2011 estimated capital expenditure budget remains $230 million, excluding property acquisitions.

·                  The budget allocates $185 million for the drilling and completion of operated wells and related infrastructure and other capital expenditures. In the nine-month period ended September 30, 2011, Kodiak invested approximately $132 million on operated properties, inclusive of $8 million allocated to producing properties from property acquisitions.  Year-to-date through September 30, 2011 Kodiak has completed eight gross (5.6 net) operated wells and drilled 13 gross (9.9 net) operated wells.

·                  Approximately $40 million of the 2011 estimated capital expenditure budget is allocated to non-operated drilling activity in Dunn County. Year-to-date, the Company has invested $23.0 million in completing six gross (2.9 net) non-operated wells and have participated in the drilling of 18 gross (4.0 net) non-operated wells.

·                  The Company has invested $6.5 million for leasehold expenditures through September 30, 2011.

Williston Basin Operations Update

Kodiak’s five operated drilling rigs are presently drilling ahead on multi-well drilling pads.  Three rigs are drilling in McKenzie County, and two rigs are drilling in Dunn County.

For the remainder of the fourth quarter 2011, Kodiak expects to complete or commence completion operations on an additional nine gross (6.1 net) operated wells, including two gross (0.8 net) wells from the recent acquisition.  These

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operated wells are located on four drilling pads consisting of three, two-well pads and one, three-well pad.  Drilling has been completed and operations are underway to construct surface equipment and pipelines on each of the pads.  Currently, two gross (0.8 net) wells have been completed and are in flow-back operations.  The remaining seven gross (6.6 net) wells are expected to commence completion operations during the remainder of the fourth quarter.

Prior to the winter months, midstream infrastructure companies have been actively laying pipeline across the Company’s core operating areas.  Kodiak expects that many of its wells will be connected to the pipelines wherever possible.  Pipeline infrastructure should help mitigate product transportation issues during the upcoming winter season.

With the addition of the October 28, 2011 acquisition, Kodiak now operates, or has an interest in, a total of 65 gross (33.4 net) producing wells.

The Company’s joint venture partner in Dunn County continues to operate a two-rig drilling program.  Kodiak’s working interest is an approximate 50% with respect to the wells drilled and/or completed in the fourth quarter 2011.  Additionally, by virtue of minor leasehold interests operated by other industry partners, Kodiak participated in 13 gross (1.3 net) non-operated wells during the third quarter of 2011.  Kodiak will continue to have non-operated working interests in ongoing operations by other operators.

The following summary provides a tabular presentation of data pertinent to Kodiak’s Williston Basin drilling and completion activities targeting the Bakken during 2010 and 2011 (gas is converted on a 6 Mcf to 1 barrel of oil basis) as of November 3, 2011:

One-year North Dakota (Bakken and Three Forks) Drilling and Completion Activities

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Management Comment

Commenting on third quarter 2011 results, Kodiak’s Chairman and CEO Lynn A. Peterson said: “Kodiak’s third quarter results were strong and we intend to leverage the financial and operational momentum into the remainder of 2011 and continuing into 2012.   We continue to achieve operational progress which is yielding improved field-level efficiencies as we expand our Williston Basin asset base and operated rig count.  By adding the fifth operated drilling rig, we are now able to secure a dedicated 24-hour frac crew commencing the first part of 2012.  We believe the expanded pressure pumping agreement with Halliburton should further improve completion efficiencies during our 2012 development drilling program.

“We continue to make excellent wells in both Dunn and McKenzie Counties, which are integral to our production and cash flow growth trajectory we intend to provide our shareholders.  One particularly positive development is the continued strong production profile from our first Three Forks well located in the McKenzie County Koala Project area.  As shown above through the first 90 days of production, the well averaged nearly 1,000 BOE/d and is mirroring the offsetting Bakken well drilled just 700 feet away. With additional Three Forks production data, we can provide more accurate estimated ultimate recoveries for the Three Forks in the Koala area.  We will also closely monitor the production profile from our two recent Dunn County Three Forks completions which have generated encouraging results.

“Our recently closed acquisition of producing properties and undeveloped leasehold is complementary to our Koala Project area.  Having gas and water infrastructure already in place adds significant value, while the production provides cash flow for continued development drilling.  We opted to not extend the drilling rig contract; however, we are evaluating the potential of adding a sixth operated rig in spring 2012 once the winter weather subsides.”

Q311 Results Teleconference Call

In conjunction with Kodiak’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Friday, November 4, 2011 at 11:00 a.m. Eastern Daylight Time.

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Kodiak Oil & Gas Corp. Q311 Financial and Operating Results Conference Call

About Kodiak Oil & Gas Corp.

Denver-based Kodiak Oil & Gas Corp. 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 U.S. Rocky Mountains.  For further information, please visit www.kodiakog.com.  The Company’s common shares are listed for trading on the New York Stock 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. Forward-looking statements in this document include statements regarding the Company’s expectations as to: exploration and development plans; drilling plans and expectations, including the timing and pace of our drilling activities, and the manner and stages in which wells are expected to be drilled; the number, mobilization, intended use and current planned future location of our rigs; spudding activities; expectations regarding availability and benefits of infrastructure; expectations regarding the benefits of recent acquisitions;;  the amount and allocation of the Company’s anticipated capital expenditures and the timing and success of such programs; the estimated costs to drill and complete wells and the Company’s expectations regarding potential improvements in its ability to execute its completion activities; the sources and sufficiency of funding for our capital budget; expectations concerning weather conditions and the impact of such conditions on our operations; the future performance of our oil & gas properties, including well production, and trends in well performance; the independent nature of the Three Forks and Middle Bakken reservoirs; the commercial prospects of the Three Forks Formation; and the amount and sufficiency of future cash flows and sources of liquidity. 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.

For further information, please contact:

Mr. Lynn A. Peterson, CEO and President, Kodiak Oil & Gas Corp. +1-303-592-8075

Mr. David P. Charles, Sierra Partners LLC +1-303-757-2510 x11

Footnotes to the Financial Statements

The notes accompanying the financial statements are an integral part of the consolidated financial statements and can be found in Kodiak’s filing on Form 10-Q for the period ended September 30, 2011.

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KODIAK OIL & GAS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

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KODIAK OIL & GAS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)

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KODIAK OIL & GAS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

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In evaluating its business, Kodiak considers earnings before interest, taxes, depletion, depreciation, amortization, and accretion, impairment, gains or losses on foreign currency, gains or losses on commodity price risk management activities, and stock-based compensation expense, (“Adjusted EBITDA”) as a key indicator of financial operating performance and as a measure of the ability to generate cash for operational activities, future capital expenditures and an indication of our potential borrowing base under our credit facility.  Adjusted EBITDA is not a Generally Accepted Accounting Principle (“GAAP”) measure of performance. The Company uses this non-GAAP measure to compare its performance with other companies in the industry that make a similar disclosure, as a measure of its current liquidity, in developing our capital expenditure budget, to evaluate our compliance with covenants under our credit facility and as a component of the corporate objectives to which we tie the vesting of equity-based awards made to senior executives. The Company believes that this measure may also be useful to investors for the same purpose and for an indication of the Company’s ability to generate cash flow at a level that can sustain or support our operations and capital investment program, and that disclosure of this measure provides investors with visibility as to the corporate objectives that affect our executive compensation program. Investors should not consider this measure, or other non-GAAP measures such as net income excluding the effect of unrealized derivative losses, in isolation or as a substitute for operating income or loss, cash flow from operations determined under GAAP or any other measure for determining the Company’s operating performance that is calculated in accordance with GAAP. In addition, because Adjusted EBITDA is not a GAAP measure, it may not necessarily be comparable to similarly titled measures employed by other companies.  A reconciliation of Adjusted EBITDA and net income for the three months and nine months ended September 30, 2011 and 2010 is provided in the table below:

KODIAK OIL & GAS CORP.
RECONCILIATION OF ADJUSTED EBITDA

KODIAK OIL & GAS CORP.
RECONCILIATION OF ADJUSTED EBITDA

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