SOURCE: Brigham Exploration

August 31, 2009 16:25 ET

Brigham Exploration Announces Figaro 29-32 #1H Bakken Well Produces at Initial Rate of Approximately 1,895 BOEPD

AUSTIN, TX--(Marketwire - August 31, 2009) - Brigham Exploration Company (NASDAQ: BEXP) announced that the Figaro 29-32 #1H produced approximately 1,895 barrels of oil equivalent per day from the Bakken formation during its early peak 24 hour flow back period. Brigham's Figaro 29-32 is the second 18+ stage fracture stimulation completed west of the Nesson Anticline and the fourth overall 18+ stage fracture stimulation completed by Brigham in the Williston Basin.

The Figaro 29-32 was successfully fracture stimulated and produced approximately 1,616 barrels of oil and 1.7 MMcf of natural gas, or 1,895 barrels of oil equivalent, from the Bakken formation during an early peak 24 hour flow back. The Figaro 29-32 is located in McKenzie County, North Dakota in Brigham's Rough Rider project area and is approximately five miles northeast of its Mrachek 15-22H, which was completed in 2008 with seven fracture stimulation stages at an early peak 24 hour production rate of 727 barrels of oil equivalent per day. Brigham maintains an approximate 95% working interest and 74% net revenue interest in the Figaro 29-32.

In a continuing effort to improve well performance through technological innovation, the Figaro 29-32 was completed using a 19 interval swell packer assembly and Halliburton's SurgiFrac technology, which incorporated 35 pinpoint fracture stimulations. The SurgiFrac technology allows for the stimulation of multiple intervals without the use of mechanical plugs or sliding sleeves. On its upcoming Brad Olson 9-16 #1H and BCD Farms 16-21 #1H completions, Brigham plans to use the "perf and plug" technique with 28 fracture stimulation stages and will continue to evaluate alternative drilling and completion technologies in order to further enhance well performance and economics in the Williston Basin.

Bud Brigham, the Chairman, President and CEO, stated, "We're very pleased with the strong performance of the Figaro 29-32, which demonstrates that our high technology completions continue to deliver exceptionally strong results for our shareholders. More importantly, we believe the addition of the Figaro 29-32 further de-risks our Rough Rider acreage in an area where we as a company believe we have a significant low risk repeatable developmental drilling opportunity. Assuming three Bakken wells per 1280 acre spacing unit, we could drill as many as 222 wells in Rough Rider based on our 94,800 net acres after the drilling participation agreement announced last week. If the Three Forks is also productive, we could potentially drill double that number of wells. We are ramping up our development drilling activity in Rough Rider and should be adding our second operated rig in the next several weeks. In addition, we should begin fracture stimulating our 28 stage Brad Olson 9-16 in mid September."

Bud Brigham continued, "We are seeing our transition to an oil resource play company continue to play out exceptionally well for our shareholders. The prompt month oil contract closed at a 24 to 1 ratio on Friday, or roughly 4 times the historic 6 to 1 conversion ratio. With the anticipated increase in our oil volumes in the third quarter, our cash flows are expected to remain strong as the overall economics of our Williston Basin wells continue to be more attractive relative to natural gas plays."

About Brigham Exploration

Brigham Exploration Company is a leading independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore for and develop onshore domestic 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, 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