Opportunities in the North Dakota Bakken: Kodiak CEO

North Dakota is a standout in a nation with a greater than nine percent unemployment rate – it’s own jobless rate stands at a mere 3.5 percent. And it’s the vast Bakken oil play that is driving the state’s rapid growth.

Lynn Peterson, chairman and CEO, Kodiak Oil & Gas tells BNN much of North Dakota’s transformation has taken place over the last three to four years.

“I think this is a play that will be here for the next 20-25 years,” Peterson says. The producer drills 15,000 barrels per day, with 10-15 years of drill life, he says. Kodiak currently has 155,000 net acres, and has made several acquisitions over the last 12 months.

“We’re going to continue to try to grow the company, The acreage is getting more or less picked over. As we move through 2012, it’s going to be an even bigger challenge to find quality acreage.”