Exhibit 99.1

KODIAK OIL & GAS CORP. ANNOUNCES

2012 FINANCIAL & OPERATIONAL RESULTS

Highlights Include:

·                  2012 OIL & GAS SALES OF $409 MILLION, A 241% INCREASE FROM 2011

·                  Q4-12 OIL & GAS SALES OF $131 MILLION, 138% INCREASE FROM Q4-11 AND 17% INCREASE FROM Q3-12

·                  2012 ADJUSTED EBITDA OF $317 MILLION, 315%  GROWTH FROM 2011

·                  Q4-12 ADJUSTED EBITDA OF $107 MILLION, 205% GROWTH FROM Q4-11 AND 20% INCREASE FROM Q3-12

DENVER — February 28, 2013 /PRNewswire-FirstCall/ — Kodiak Oil & Gas Corp. (NYSE: KOG), an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota, today announced financial results for the three and 12-month periods ended December 31, 2012.  The Company furnished a comprehensive operations update and reported 2012 estimated proved reserves and production and sales volumes in a news release on February 20, 2013.

Financial Results

For the fourth quarter-ended December 31, 2012, the Company reported oil and gas sales of $130.8 million, as compared to $55.0 million during the same period in 2011, an increase of 138%.  Kodiak reported an overall 153% increase in quarter-over-quarter equivalent sales volumes with 1.7 million barrels of oil equivalent (MMBOE) sold or an average of 18,200 BOE per day (BOE/d) during the fourth quarter 2012, as compared to 662 thousand BOE, or an average of 7,200 BOE/d in the same period in 2011.  Oil and gas sales were $408.7 million for the year ended December 31, 2012, as compared to $120.0 million for 2011, representing a 241% increase.  For 2012, Kodiak reported a 250% increase in oil sales volumes and a 532% increase in gas sales volumes, reflecting an overall 267% increase in equivalent sales volumes, compared to 2011.  The Company reported sales volumes for 2012 of 5.3 MMBOE, as compared to 1.4 MMBOE during 2011.  Crude oil revenue accounted for approximately 96% of oil and gas sales recorded during the fourth quarter and year ended December 31, 2012.

Adjusted EBITDA, a non-GAAP measure, was $106.6 million for the fourth quarter 2012, as compared to $35.0 million in the same period in 2011, reflecting a 205% increase.  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 and debt premium, (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.  Kodiak reported net cash provided by operating activities during the fourth quarter 2012 of $69.4 million, as compared to $10.8 million during the same period in 2011. For the full year ended December 31, 2012, Adjusted EBITDA was $317.1 million, as compared to $76.4 million for 2011, representing 315% growth.  Kodiak reported net cash provided by operating activities during 2012 of $272.7 million, as compared to $53.9 million in 2011.

For the fourth quarter 2012, the Company reported net income of $33.3 million, or $0.12 per diluted share, compared to a net loss of $33.8 million, or $0.15 per diluted share, for the same period in 2011.  Net income for the fourth quarter 2012 includes an unrealized loss of $5.3 million related to the mark-to-market of derivative instruments used for commodity hedging and $4.9 million in deferred income tax expense.  The net effect of the non-cash hedging activities and non-cash deferred income tax expense decreased Kodiak’s reported net income for the fourth quarter 2012 by $0.04 per diluted share.  Detailed disclosure of the Company’s derivative contracts is available in its filing on Form 10-K for the year-ended December 31, 2012.

By way of comparison, the net loss for the fourth quarter 2011 included unrealized derivative losses of $31.7 million attributed to the non-cash change in the value of derivatives utilized for commodity price risk management, which decreased Kodiak’s reported net income for the quarter by $0.14 per basic and diluted share.  Also included in the fourth-quarter 2011 net loss is $18.3 million in interest expense, of which $11.5 million was attributed to costs related to a stand-by bridge financing facility that the Company had obtained (but did not use) in conjunction with an asset acquisition transaction.

Kodiak reported record net income for the full year 2012 of $131.6 million, or $0.49 per diluted share, compared to net income of $3.9 million, or $0.02 per diluted share, for 2011.  Included in the 2012 net income are unrealized derivative gains of $31.1 million attributed to the non-cash change in the value of derivatives utilized for commodity price risk management and $26.8 million in deferred income tax expense.  The net effect of the non-cash hedging activities credit and non-cash deferred income tax expense increased Kodiak’s reported net income for 2012 by $0.02 per diluted share.  By way of comparison, net income for 2011 includes an unrealized loss of $16.2 million on mark-to-market derivative instruments, which reduced reported net income for 2011 by $0.08 per diluted share.

General and administrative expenses (G&A) for the fourth quarter of 2012 totaled $9.4 million, or $5.58 per BOE, compared to $6.4 million, or $9.71 per BOE, in the fourth quarter of 2011.  G&A expenses for the full year 2012 totaled $34.5 million, or $6.57 per BOE, as compared to $19.5 million, or $13.62 per BOE, for the full year 2011. The increase in total G&A expense for the fourth quarter and full year 2012, as compared to the same periods in 2011, is attributed primarily to the hiring of new personnel as the Company continues to expand its oil and gas operations.  As of December 31, 2012, Kodiak had 102 employees, as compared to 74 employees as of December 31, 2011.

Lease operating expenses (LOE) for the fourth quarter of 2012 totaled $10.1 million, or $6.00 per BOE, a 40% decrease per BOE over the fourth quarter of 2011 of $10.08 per BOE.  Lease operating expenses for the full year 2012 totaled $31.7 million, or $6.04 per BOE, a 30% decrease per BOE over the full year 2011 of $12.4 million, or $8.67 per BOE.  Water disposal costs, along with workovers, are the largest component of lease operating expense.  To reduce water disposal costs, Kodiak drilled four water disposal wells during the year on several of its producing areas and is currently constructing water gathering systems in these areas.  Drilling of additional water disposal wells is included in the 2013 capital expenditure budget.  Availability of both trucking and third party disposal facilities has also improved, which has helped decrease LOE on a per unit basis. While Kodiak’s workover activity and thus expenditures increased in 2012 compared to 2011, such increased activity has resulted in reduced downtime of Kodiak’s wells and improvements in the Company’s operational performance.

During the three and 12 months ended December 31, 2012, Kodiak recognized total interest expense related to its outstanding senior notes and credit facility of approximately $8.4 million and $22.9 million, respectively.  The Company capitalized interest costs of $10.3 million for the fourth quarter of 2012 and $46.0 million for the full-year 2012.

The following table summarizes the Company’s costs on a per-unit basis for the periods shown:

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Q4-12 Results Teleconference Call

In conjunction with Kodiak’s release of its financial and operating results, investors, analysts and other interested parties are invited to participate in a conference call with management on Friday, March 1, 2013 at 11:00 a.m. Eastern Standard Time.

Upcoming Investor Conferences

Kodiak also today announced management’s participation in upcoming investor conferences.

Presentation times and webcasting are subject to change at the discretion of the conference organizer.  Please reference Kodiak’s Presentations & Events page for further details regarding conferences and other events in which the Company may elect to participate.

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 primarily in the Williston Basin 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.”

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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 its growth and development.  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, Chairman and CEO, 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-K for the year-ended December 31, 2012.

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KODIAK OIL & GAS CORP.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

5

KODIAK OIL & GAS CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share data)

6

KODIAK OIL & GAS CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

7

KODIAK OIL & GAS CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share data)

(Unaudited)

8

KODIAK OIL & GAS CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

9

In evaluating its business, Kodiak considers earnings before interest, income taxes, depletion, depreciation, amortization, and accretion, amortization of deferred financing costs and debt premium, 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 and 12 months ended December 31, 2012 and 2011 is provided in the table below:

KODIAK OIL & GAS CORP.

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited)

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