Shareholders Foundation, Inc.

Kodiak Oil & Gas Corp (USA) (NYSE:KOG) Investor Alert: Investigation of Takeover by Whiting Petroleum Corporation

An investigation on behalf of investors of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) in connection with the proposed takeover was announced and NYSE:KOG stockholders should contact the Shareholders Foundation.

 

San Diego, CA -- (ReleaseWire) -- 07/23/2014 -- An investigation on behalf of investors, who currently hold shares of Kodiak Oil & Gas Corp (USA) (NYSE:KOG), was announced concerning whether the takeover of Kodiak Oil & Gas Corp. by Whiting Petroleum Corporation for a value of approximately $13.90 per share is unfair to NYSE:KOG stockholders.

Investors who purchased shares of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) and currently hold any of those NYSE:KOG shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Kodiak Oil & Gas Corp breached their fiduciary duties owed to NYSE:KOG investors in connection with the proposed acquisition.

On July 13, 2014, Whiting Petroleum Corporation (NYSE: WLL) and Kodiak Oil & Gas Corp (USA) (NYSE:KOG) announced an agreement pursuant to which Whiting Petroleum Corporation will acquire Kodiak Oil & Gas Corp (USA) (NYSE:KOG) in an all-stock transaction valued at $6.0 billion, based on the closing price of Whiting Petroleum Corporation on July 11, 2014, and including Kodiak’s net debt of $2.2 billion as of March 31, 2014. Under the definitive agreement, Kodiak Oil & Gas Corp (USA) (NYSE:KOG) shareholders will receive 0.177 of a share of Whiting Petroleum Corporation stock in exchange for each share of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) common stock they hold, representing consideration to each Kodiak Oil & Gas Corp (USA) (NYSE:KOG) shareholder of $13.90 per share based on the closing price of Whiting Petroleum Corporation common stock on July 11, 2014.

However, given that at least one analyst has set the high target price for NYSE:KOG shares at $19.00 per share and that NYSE:KOG shares rose after the takeover announcement to as high as $15.95 per share on July 17, 2014, the investigation concerns whether the offer is unfair to:KOG stockholders. More specifically, the investigation concerns whether the Kodiak Oil & Gas Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Kodiak Oil & Gas Corp reported that its annual total Revenue rose from $119.99 million in 2011 to $904.61 million in 2013 and that its Net Income increased from $3.88 million in 2011 to $141.42 million in 2013. Shares of Kodiak Oil & Gas Corp (USA) (NYSE:KOG) grew from 0.19 per share in March 2009 to as high as $15.95 per share on July 17, 2014.

On July 21, 2014, NYSE:KOG shares closed at $15.79 per share.

Those who are current investors in Kodiak Oil & Gas Corp (USA) (NYSE:KOG) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com