SOURCE: Brigham Exploration

March 29, 2010 16:31 ET

Brigham Exploration Announces the Signing of a Purchase and Sale Agreement to Divest a Portion of Its West Texas Proved Developed Producing Assets

AUSTIN, TX--(Marketwire - March 29, 2010) -  Brigham Exploration Company (NASDAQ: BEXP) announced that it has entered into a purchase and sale agreement to divest a portion of its West Texas assets, consisting primarily of proved developed producing properties, representing approximately 602,000 barrels of oil equivalent (Boe) as of December 31, 2009, for $14 million to Legacy Reserves LP (NASDAQ: LGCY). In December 2009, production from the subject properties averaged 213 Boe per day. The transaction is expected to close within the next 30 days, subject to customary closing conditions.

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 our growth strategies and other risks more fully described in the company's 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 management's 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 Information

  • Contact:
    Rob Roosa, Finance Manager
    (512) 427-3300