EXHIBIT 15.4

Kodiak Oil & Gas Corp. 
Audit Committee Charter

|I. | PURPOSE
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The purpose of the Audit Committee
shall be to assist the Board of Directors of the Company in fulfilling its oversight
responsibilities with respect to (1) the integrity of the financial statements of the
Company, (2) the independent auditors qualifications and independence, (3) the
performance of the Companys internal financial controls and audit function and the
performance of the independent auditors, (4) the compliance by the Company with legal and
regulatory requirements, and (5) periodically review and assess the Companys Code of
Business Conduct and Ethics and make recommendations for changes thereto the Board of
Directors.

|II. | COMMITTEE
MEMBERSHIP
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|1. |  | The
Audit Committee shall consist of no fewer than three directors as determined           by
the Board.
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|2. |  | All
of the members of the Audit Committee shall meet the applicable independence
          and experience requirements of the law, including Sarbanes-Oxley, rules
          promulgated by the Securities and Exchange Commission (the SEC),
and           rules promulgated by the American Stock Exchange or such other United
States           stock exchange on which the common shares of the Company may be listed
for           trading (the Exchange).
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|3. |  | The
members and Chairperson of the Audit Committee shall be appointed and may be
          removed by the Board.
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|4. |  | Each
member of the Audit Committee shall in the judgment of the Board have the
          ability to read and understand a set of financial statements that present a
          breadth and level of complexity of accounting issues that are generally
          comparable to the breadth and complexity of issues that can reasonably be
          expected to be raised by the Companys financial statements.
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|5. |  | As
soon as reasonably practicable, one of the members of the Audit Committee           shall
be an audit committee financial expert pursuant to the           requirements
of the SEC and the Exchange.
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|6. |  | No
director who serves on the audit committee of more than three public
          corporations other than the Company shall be eligible to serve as a member of
          the Audit Committee.
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|III. | EXTERNAL ADVISORS
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The Audit Committee shall have
authority to engage independent counsel and other advisers as it deems necessary to carry
out its duties. The Audit Committee shall also have authority to obtain advice and
assistance from any officer or employee of the Company.

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|IV. | FUNDING
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The Company shall provide appropriate
funding, as determined by the Audit Committee, for payment of (i) compensation to the
Companys independent public accountants as well as any other accounting firm engaged
to perform audit, review or attest services for the Company, (ii) any independent counsel
or other adviser retained by the Audit Committee and (iii) ordinary administrative
expenses of the Audit Committee that are necessary or appropriate in carrying out its
duties. The Audit Committee shall promptly report to the Board of Directors its engagement
of any advisor, including the scope and terms of such engagement.

|V. | RESPONSIBILITIES
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The Audit Committee shall:

|1. |  | Meet
as often as it determines, but not less frequently than as required by the           SEC,
the Exchange or other applicable rule or regulation.
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|2. |  | Be
directly responsible for the appointment, compensation, retention and           oversight
of the work of the Companys independent public accountants and           the
independent public accountants shall report directly to the Audit Committee.
          The Audit Committee is expected to maintain free and open communication with
the           independent public accountants and management. This communication will
include           periodic private executive sessions with each of these parties.
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|3. |  | Ensure
receipt of an annual formal written statement from the Companys
          independent public accountants delineating all relationships between the
          independent public accountants and the Company and discuss with the independent
          public accountants any such relationships that may impact the objectivity and
          independence of the independent public accountants; and take appropriate action
          to oversee the independence of the independent public accountants.
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|4. |  | Assure
the regular rotation of the lead audit partner and the concurring partner           every
five years (with a five year time-out period after rotation), and the           regular
rotation of other audit partners engaged in the Annual Audit every seven           years
(with a two year time-out period after rotation), or as otherwise required           by
law or the rules of the Exchange.
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|5. |  | Be
responsible for the preapproval of all audit services and permissible           non-audit
services to be provided to the Company by the independent public           accountants,
subject to any exceptions provided in the Securities Exchange Act           of 1934, as
amended, and the rules of the SEC promulgated thereunder. The Audit           Committee
may, in its discretion, delegate this authority to the Chairman of the           Audit
Committee provided the Chairman reports any delegated pre-approvals to the
          Audit Committee at the next meeting thereof.
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|6. |  | Review
external and internal audit reports of the Company.
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|7. |  | Consult
with the independent public accountants, senior management, the internal
          auditing staff of the Company and such other advisers as the Audit Committee
may           deem
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| | necessary
regarding their evaluation of the adequacy of the Companys internal controls
over financial reporting and disclosure controls and procedures (as such
terms are defined by the SEC), and make specific recommendations to the Board of Directors
in connection therewith.
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|8. |  | Review
recommendations made by the independent public accountants and the           internal
auditing staff of the Company, report to the Board of Directors with           respect
thereto and with respect to external and internal audit reports of the           Company,
and take any necessary actions in connection therewith.
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|9. |  | Obtain
and review annually, prior to the filing of the Companys Annual           Report on
Form 20-F (or such other Form as may be available to the Company), a           report
from the independent public accountants describing (a) all critical           accounting
policies and practices used or to be used in the annual audit of the           Companys
year-end financial statements (the Annual Audit), (b)           all
alternative treatments within generally accepted accounting principles for
          policies and practices related to material items that have been discussed with
          management, including ramifications of the use of such alternative disclosures
          and treatments, and the treatment preferred by the independent public
          accountants, and (c) other material written communications between the
          independent public accountants and management, such as any management letter or
          schedule of unadjusted differences, and discuss with the independent public
          accountants any material issues raised in such report.
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|10. |  | Review
and discuss with the independent public accountants and management the           Companys
annual audited financial statements (including the MD&A) and           recommend to
the Board of Directors the inclusion of the Companys audited           financial
statements in its Annual Report.
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|11. |  | Review
and discuss with the independent public accountants and management the           Companys
quarterly unaudited financial statements prior to the publication           of the Companys
earnings release and prior to the inclusion of such           financial statements
(including the MD&A) in the Companys periodic           filings.
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|12. |  | Prior
to the filing of each periodic filing, be available to discuss with the
          independent public accountants the matters required to be discussed by
Statement           on Auditing Standards No. 61 and other matters that should be
communicated to           the Audit Committee under the professional standards of the
American Institute           of Certified Public Accountants.
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|13. |  | Be
responsible for the review, approval and oversight of all related-party
          transactions, as such term is defined by the rules of the Exchange.
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|14. |  | Establish
procedures for (i) the receipt, retention and treatment of complaints           received
by the Company regarding accounting, internal accounting controls, or           auditing
matters and (ii) the confidential, anonymous submission by employees of           the
Company of concerns regarding questionable accounting or auditing matters,           and
review periodically with
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| | management
these procedures and, if appropriate, any significant complaints received, to the extent
required by the Act, the rules of the SEC or the Exchange.
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|15. |  | Prepare
a report to shareholders as required by the SEC and the Exchange.
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|16. |  | Review
legal and regulatory matters that may have a material impact on the           financial
statements.
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|17. |  | Review
periodically the Companys Code of Ethics and the Companys           program
to monitor compliance therewith.
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|18. |  | Set
clear hiring policies for employees or former employees of the independent
          public accountants.
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|19. |  | Review
and reassess the adequacy of this Charter on an annual basis in           accordance with
applicable SEC and the Exchange audit committee requirements.
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|20. |  | Review
and evaluate at least annually its own performance and effectiveness.
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|21. |  | Perform
such other duties as the Board of Directors shall from time to time           assign to
the Audit Committee.
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|VI. | INVESTIGATIONS AND STUDIES
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The Audit Committee may conduct or
authorize investigations into or studies of matters within the Audit Committees
scope of responsibilities as described above, and shall have the authority to retain, at
the expense of the Company, independent counsel or other consultants necessary to assist
in any such investigation or study.

|VII. | LIMITATIONS
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While the Audit Committee has the
functions set forth in this Charter, it is not the duty of the Audit Committee to plan or
conduct audits to determine the adequacy of the Companys financial accounting
controls or to determine that the Companys financial statements are complete and
accurate or are in accordance with generally accepted accounting principles. The
Companys management is principally responsible for Company accounting policies, the
adequacy of the Companys financial accounting controls, the preparation of the
financial statements and ensuring that the financial statements are prepared in accordance
with generally accepted accounting principles. The Companys independent public
accountants are responsible for auditing the Companys financial statements.

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