SOURCE: Brigham Exploration

October 16, 2009 09:19 ET

Brigham Exploration Announces Brad Olson 9-16 #1H Bakken Well Produces at Initial Rate of Approximately 2,112 BOEPD

AUSTIN, TX--(Marketwire - October 16, 2009) - Brigham Exploration Company (NASDAQ: BEXP) announced that its operated Brad Olson 9-16 #1H produced approximately 2,112 barrels of oil equivalent per day from the Bakken formation during an early 24 hour flow back period. Brigham's Brad Olson 9-16 #1H appears to be the first 28 stage fracture stimulation completed in the Williston Basin and the fifth overall 18+ stage fracture stimulation completed by Brigham in the Williston Basin.

The Brad Olson 9-16 #1H was successfully fracture stimulated and while Brigham was drilling out frac plugs the well produced approximately 1,805 barrels of oil and 1.84 MMcf of natural gas, or 2,112 barrels of oil equivalent, from the Bakken formation during a 24 hour period. The Brad Olson 9-16 #1H is located in Williams County, North Dakota in Brigham's Rough Rider project area and is approximately 1,500 feet from the Olson 10-15 #1H, which was completed with 20 fracture stimulation stages in early February 2009 at an early 24 hour production rate of 1,433 barrels of oil equivalent per day. Brigham maintains an approximate 33% working interest and 26% net revenue interest in the Brad Olson 9-16 #1H. Also participating in a non-operated role in the Brad Olson 9-16 #1H is U.S. Energy Corp. (NASDAQ: USEG) with an approximate 61% working interest and 48% net revenue interest. Brigham will back in after combined payout of the six initial wells drilled under the participation agreement with U.S. Energy for 35% of their interest in the Brad Olson 9-16 #1H well.

Bud Brigham, the Chairman, President and CEO, stated, "We're very excited with the strong early performance of our first 28 stage fracture stimulation well. Our last five wells, which had 18 to 28 frac stages, have produced at an average initial rate of 1,923 barrels of oil equivalent per day, further demonstrating that our high technology completions continue to deliver higher initial production rates."

Bud Brigham continued, "In addition, the Brad Olson 9-16 #1H is yet another data point that confirms our belief that our Rough Rider area should be considered core acreage within the Williston Basin. Assuming three Bakken laterals per section, we could potentially drill over 240 net wells in our core Rough Rider area. If the Three Forks is also productive, we could potentially drill twice that number of wells."

Bud Brigham continued, "Importantly, we are accelerating activity in the basin with the addition of our second operated rig earlier this month to further enhance shareholder net asset value. We are currently drilling the horizontal portion of the well bore in the Lee 16-21 #1H and are at approximately 9,960' in the Strand 16-9 #1H. We will begin our next 28 stage fracture stimulation later this month with the frac of the BCD Farms 16-21 #1H. Our non-operated program is continuing as well, particularly in the Parshall and Sanish Fields, where we have 10 gross wells either drilling or waiting on completion. In the Parshall Field, we participated with an 11% working interest in the recently completed Windsor Weflen 1-4H, which produced at an initial rate of 2,027 barrels of oil per day."

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, 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 industry‚ our ability to make and integrate acquisitions, the impact of governmental regulation 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