Attached files
file | filename |
---|---|
8-K - FORM 8-K - BRIGHAM EXPLORATION CO | c99964e8vk.htm |
EX-99.1 - EXHIBIT 99.1 - BRIGHAM EXPLORATION CO | c99964exv99w1.htm |
Exhibit 99.2
![]() |
NEWS RELEASE FOR IMMEDIATE RELEASE |
Austin, TX April 29, 2010 Brigham Exploration Company (NASDAQ: BEXP) announced the
completion of the Abelmann State 21-16 #1H, the Mortenson 5-32 #1H and the Arnson 13-24 #1H at
early 24 hour peak flow back rates of 3,301, 2,314 and 1,339 barrels of oil equivalent,
respectively. To date, Brigham has successfully completed 21 consecutive long lateral high frac
stage wells at an average early 24 hour peak flow back rate of 2,543 barrels of oil equivalent.
Brigham also provided an operational update.
Brigham announced the completion of its operated Abelmann State, Mortenson and Arnson at early
24 hour peak flow back rates of 3,301 (2,844 Bopd and 2.74 MMcf/d), 2,314 (1,924 Bopd and 2.34
MMcf/d) and 1,339 (1,181 Bopd and 0.95 MMcf/d) barrels of oil equivalent, respectively. All of the
wells are located in Brighams Rough Rider project area with the Abelmann State located in McKenzie
County, North Dakota and the Mortenson and the Arnson located in Williams County, North Dakota.
Brigham maintains an approximate 64% working interest in the Abelmann State, which was completed
with 31 frac stages. Brigham maintains an approximate 77% working interest in the Mortenson, which
was completed with 23 frac stages. Finally, Brigham maintains an approximate 93% working interest
in the Arnson, which was completed with 30 frac stages.
Brighams development of its core operated acreage in Williams, McKenzie and Mountrail
Counties is proceeding with three operated rigs drilling in its Rough Rider project area and one
operated rig drilling in its Ross project area. In addition, one well is fracing and three wells
are waiting on completion. The well currently fracing, the Jack Cvancara 19-18 #1H, is located in
Ross approximately 1 mile from the 27 frac stage Sorenson 29-32 #1H, and will be completed with 36
frac stages. The Sorenson, which holds the record for the highest apparent early 24 hour peak rate
for a Bakken well in the Williston Basin, produced approximately 52,500 barrels of oil equivalent
during its first 26 days of production, or an average of approximately 2,019 barrels of oil
equivalent per day. Brigham maintains an approximate 83% working interest in the Jack Cvancara.
Acceleration of Brighams operated activity is also proceeding as planned with the fifth operated
rig expected to spud the Michael Owan 26-35 #1H in Rough Rider next week.
Bud Brigham, the Chairman, President and CEO, stated, Our strong results continue with three
additional high rate completions, which brings the early peak 24 hour average flow back rate of our
21 long lateral high frac stage wells to 2,543 barrels of oil equivalent. Importantly, our
completions are translating into strong growth in our crude oil production and cash flows. In the
first quarter, our total production exceeded the upper end of our production guidance, and our
crude oil volumes represented 66% of our total production volumes and 79% of our pre-hedge revenues.
Bud Brigham continued, Our acceleration outlined earlier this month is also proceeding as we
envisioned. Our fifth operated Williston Basin rig commences next week, with the sixth expected in
September and two more planned for early 2011. Ramping up our completions behind this accelerating
drilling program should continue to elevate the growth in our high value crude oil production
volumes. Its also important to recognize that our accelerated activity provides us the
opportunity to correspondingly accelerate our understanding about how to optimally drill and
complete our horizontal wells. For example, in the Ross area, we are completing the Jack Cvancara
with 36 frac stages, or 33% more stages than our record Sorenson well. Our staff continues to work
diligently to maintain our status as one of the premier operators in the Williston Basin, and we
have high expectations for further operational advancements in the play.
Bud Brigham concluded, In terms of potential near term catalysts, we are looking forward to
completing the Rogney 17-8 #1H, which is our first Bakken well in our Ghost Rider acreage position
in Roosevelt County, Montana. As previously outlined, we are conducting additional scientific
evaluation on the Rogney, including analysis of the core that was taken in the Lodgepole, Bakken
and Three Forks formations, and we will likely have results on this well late in the second quarter
or early in the third quarter. In our Rough Rider area, completions by other operators have begun
de-risking the Three Forks with discoveries to the east and west of our acreage. We very much look
forward to completing our first operated Three Forks well in Rough Rider utilizing our drilling and
completion formula later this quarter or early in the third quarter. Finally, our land group
continues to work diligently to expand our current approximate 305,400 net acre position in the
Williston Basin in what appears to be the premier oil shale play in the lower 48 states.
About Brigham Exploration
Brigham Exploration Company is an independent exploration, development and production company
that utilizes advanced exploration, drilling and completion technologies to systematically explore
for, develop and produce domestic onshore oil and natural gas reserves. For more information about
Brigham Exploration, please visit our website at www.bexp3d.com or contact Investor Relations at
512-427-3444.
Forward-Looking Statement Disclosure
Except for the historical information contained herein, the matters discussed in this news
release are forward-looking statements within the meaning of the federal securities laws. Important
factors that could cause our actual results to differ materially from those contained in the
forward-looking statements include initial production rates which decline steeply over the early
life of wells, particularly our Williston basin horizontal wells for which we estimate the average
monthly production rates may decline by approximately 70% in the first twelve months of production,
our growth strategies, our ability to successfully and economically explore for and develop oil and
gas resources, anticipated trends in our business, our liquidity and ability to finance our exploration and development activities, market conditions in the oil and gas
Page 2
industry, our ability to make and integrate acquisitions, the impact of governmental regulation and
other risks more fully described in the companys filings with the Securities and Exchange
Commission. Forward-looking statements are typically identified by use of terms such as may,
will, expect, anticipate, estimate and similar words, although some forward-looking
statements may be expressed differently. All forward-looking statements contained in this release,
including any forecasts and estimates, are based on managements outlook only as of the date of
this release, and we undertake no obligation to update or revise these forward-looking statements,
whether as a result of subsequent developments or otherwise.
Contact: | Rob Roosa, Finance Manager (512) 427-3300 |
Page 3