Kodiak Oil & Gas Corp.
First entering the Bakken in 2006, Kodiak Oil & Gas Corp. (NYSE:KOG) has nearly 228,200 acres in the region as well as operations in the Green River Basin near Wyoming. As such, KOG shows proven reserves of 80.9 million barrels of oil and 83.1 billion cubic feet of natural gas.
Like Continental, Kodiak has managed to grow its production. The firm has more than doubled production versus last year’s first quarter to roughly 21,700 barrels per day. However, with 75 new wells scheduled for drilling this year, Kodiak expects another 35% to 45% worth of production growth by the end of 2013.
Plus, aside from being an up-and-coming Bakken player, Kodiak does have something else up its sleeve: size. The company’s market cap is only about $2 billion, while debt is only $1.1 billion. That means KOG could be the perfect target for another producer — say a major faced with dwindling production — to boost its own needs.
KOG can be had for a forward P/E under 9.