Exhibit 99.2

KODIAK OIL & GAS CORP.

UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET

AS OF DECEMBER 31, 2011

(amounts in thousands, except share data)

See accompanying notes to unaudited pro forma consolidated financial statements

KODIAK OIL & GAS CORP.

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2011

(amounts in thousands, except share data)

See accompanying notes to unaudited pro forma consolidated financial statements

KODIAK OIL & GAS CORP.

NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

1.             BASIS OF PRESENTATION

On November 14, 2011, Kodiak Oil & Gas Corp. together with its wholly-owned subsidiary, Kodiak Oil & Gas (USA) Inc. (collectively, the “Company”, “Kodiak” or “Buyer”), entered into separate, definitive purchase and sale agreements (collectively, the “NPE Agreements”) with each of (i) North Plains Energy, LLC, a Delaware limited liability company, and (ii)  Mercuria Bakken, LLC, a Delaware limited liability company (collectively, the “Sellers” or “NPE”), for its interests in approximately 50,000 net acres of Williston Basin leaseholds, and related producing properties located primarily in McKenzie and Williams Counties, North Dakota along with various other related rights, permits, contracts, equipment and other assets, including the assignment and assumption of a drilling rig contract (the “January 2012 Acquired Properties”).  On January 10, 2012, (“Closing Date”) the Company acquired the January 2012 Acquired Properties for a combination of cash and stock. The Seller received 5.1 million shares of Kodiak’s common stock valued at approximately $49.8 million and cash consideration of approximately $588.4 million. The effective date for the acquisition was September 1, 2011, with purchase price adjustments calculated at the Closing Date.

On September 27, 2011, the Company entered into a definitive purchase and sale agreement (the “BTA Agreement”), between BTA Oil Producers, LLC, a Texas limited liability company (the “Seller or BTA”) for its interests in approximately 13,400 net acres of Williston Basin leaseholds, and related producing properties located primarily in Williams County, North Dakota along with various other related rights, permits, contracts, equipment and other assets (the “October 2011 Acquired Properties”). On October 28, 2011, (“Closing Date”) the Company acquired the October 2011 Acquired Properties for approximately $248.2 million in cash consideration.  The effective date for the acquisition was August 1, 2011, with purchase price adjustments calculated at the Closing Date.

The unaudited pro forma balance sheet presents the acquisition of the January 2012 Acquired Properties as if the acquisition had occurred on December 31, 2011 and the pro forma unaudited statement of operations presents the acquisitions of the October 2011 Acquired Properties and January 2012 Acquired Properties as if they had occurred on January 1, 2011.  These unaudited pro forma condensed consolidated financial statements are not necessarily indicative of the financial position or results of operations that would have occurred had the acquisitions been effected on the assumed dates. Additionally, future results may vary significantly from the results reflected in the unaudited pro forma consolidated statement of operations due to normal production declines, changes in prices, future transactions, and other factors.  The Company currently has provided a full valuation allowance against net deferred tax assets.  The Company believes that the acquisitions would not result in an immediate change in the Company’s assessment regarding the valuation allowance. As such, no income tax adjustments from the acquisitions have been reflected in the unaudited pro forma financial information.

These unaudited pro forma condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2011, the Statements of Operating Revenues and Direct Operating Expenses of the October 2011 Properties Acquired for the years ended December 31, 2010 and December 31, 2009 and the nine months ended September 30, 2011 (unaudited) and 2010 (unaudited), and the January 2012 Properties Acquired for the years ended December 31, 2011 and December 31, 2010.

The accompanying unaudited pro forma condensed consolidated financial statements give effect to the October 2011 Acquired Properties and the January 2012 Acquired Properties as if the acquisitions had occurred as of January 1, 2011 for purposes of the pro forma statement of operations.  The pro forma balance sheet gives effect to the January 2012 Acquired Properties as if the acquisition had occurred as of December 31, 2011.  Additionally, the Company records acquisition costs to general and administrative expenses.  Acquisition costs of approximately $400,000 were incurred through December 31, 2011.  No material acquisition costs have been incurred subsequent to December 31, 2011.

KODIAK OIL & GAS CORP.

NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

The following purchase price allocation for the January 2012 Acquired Properties is preliminary and includes significant use of estimates. Management has not yet had the opportunity to complete its assessment of the fair values of the assets acquired and liabilities assumed. Accordingly, the allocation will change as additional information becomes available and is assessed by the Company, and the impact of such changes may be material.  The following table summarizes the preliminary purchase price and preliminary estimated values of assets acquired and liabilities assumed (in thousands):

KODIAK OIL & GAS CORP.

NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the preliminary purchase price and preliminary estimated values of assets acquired and liabilities assumed in connection with the October 2011 Acquired Properties and are included in Kodiak Oil & Gas historical financial information as of December 31, 2011 (in thousands):

2.                                      PRO FORMA ADJUSTMENTS TO THE CONSOLIDATED BALANCE SHEET

(a)          Reflects the pro forma allocation of the preliminary purchase price for the January 2012 Acquired Properties to the acquired assets and liabilities based on the initial fair values, pending completion of our valuation analysis.

(b)         To record cash released from escrow that was credited to the purchase price at the closing of the acquisition of the January 2012 Acquired Properties and used to extinguish debt outstanding under the second lien credit agreement.

(c)          Reflects the payments of (i) $100.0 million to repay all outstanding borrowings under the second lien credit agreement; (ii) $3.0 million prepayment penalty incurred with the termination of the second lien credit agreement; (iii) $344,000 of accrued interest related to the second lien credit agreement.

(d)         Reflects the issuance of 5,055,612 shares of the Company’s common stock given to the Sellers as part of the consideration for the January 2012 Acquired Properties.

KODIAK OIL & GAS CORP.

NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

3.                                      PRO FORMA ADJUSTMENTS TO THE CONSOLIDATED STATEMENT OF OPERATIONS

(a)          Operating revenues and direct operating expenses of the October 2011 Acquired Properties for the period from January 1, 2011 to October 28, 2011.

(b)         Operating revenues and direct operating expenses of the January 2012 Acquired Properties for the year ended December 31, 2011.

(c)          Reflects additional depletion, depreciation, and amortization expense and accretion expense attributable to the preliminary purchase price allocations.

(d)         Reflects adjustments of (i) $1.6 million for the amortization of the origination fees and related closing costs associated with obtaining the 8.125% Senior Notes; (ii) $4.0 million to capitalize interest expense that was expensed in the Kodiak Oil & Gas historical financial information; (iii) $11.5 million to reduce interest expense related to the stand-by bridge financing that was expensed in the Kodiak Oil & Gas historical financial information.  Additionally, the pro forma financial information included total capitalization of interest expense of $53.7 million.  For purposes of the pro forma it was assumed that the 8.125% Senior Notes were issued on January 1, 2011 and that the stand-by bridge financing was not utilized.