-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PoWox+FChPU4TJ/as0QI0u72LHvwpefDzQxS3udmaCZS0oVEu9SSov73VqWxRP4X /8PftQaE+eMaE+qiYty7bA== 0000950123-09-038395.txt : 20090827 0000950123-09-038395.hdr.sgml : 20090827 20090827060107 ACCESSION NUMBER: 0000950123-09-038395 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090826 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090827 DATE AS OF CHANGE: 20090827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRIGHAM EXPLORATION CO CENTRAL INDEX KEY: 0001034755 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752692967 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34224 FILM NUMBER: 091037605 BUSINESS ADDRESS: STREET 1: 6300 BRIDGE POINT PARKWAY STREET 2: BLDG 2 SUITE 500 CITY: AUSTIN STATE: TX ZIP: 78730 BUSINESS PHONE: 5124273300 MAIL ADDRESS: STREET 1: 6300 BRIDGE POINT PARKWAY STREET 2: BLDG 2 SUITE 500 CITY: AUSTIN STATE: TX ZIP: 78730 8-K 1 c89732e8vk.htm FORM 8-K Form 8-K
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 26, 2009

Brigham Exploration Company
(Exact name of registrant as specified in its charter)
         
Delaware   001-34224   75-2692967
(State or other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)
     
6300 Bridgepoint Parkway
Building Two, Suite 500
Austin, Texas
  78730
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (512) 427-3300
 
 
(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 

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Item 7.01 Regulation FD Disclosure

We are furnishing our press release dated August 26, 2009, which provides an operational update.  The text of the press release is furnished as attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit 99.1 Press release dated August 26, 2009.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BRIGHAM EXPLORATION COMPANY

Date: August 26, 2009

By: /s/ EUGENE B. SHEPHERD, JR.            
Eugene B. Shepherd, Jr.
Executive Vice President &
Chief Financial Officer

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INDEX TO EXHIBITS

     
Item Number   Exhibit
99.1
  Press release dated August 26, 2009

 

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EX-99.1 2 c89732exv99w1.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

(LOGO)
 
NEWS RELEASE
FOR IMMEDIATE RELEASE


BRIGHAM EXPLORATION ANNOUNCES BAKKEN DRILLING PARTICIPATION AGREEMENT

Austin, TX – August 26, 2009 — Brigham Exploration Company (NASDAQ: BEXP) announced entry into a drilling participation agreement to accelerate 2009 drilling activity in Williams and McKenzie Counties, North Dakota on spacing units subject to near term lease expirations which Brigham believes to be core. Brigham will serve as operator and will drill the first six initial wells during the remainder of 2009 using two drilling rigs.

Brigham will retain 35% of its original working interest in the initial well in each spacing unit, with U.S. Energy Corp. (NASDAQ: USEG) acquiring the remaining 65% of the original working interest. After achieving payout on the initial six wells on a combined basis, Brigham will back in for 35% of U.S. Energy’s working interest in each of the initial wells. The initial six wells currently planned under the participation agreement are outlined in the table below along with Brigham’s approximate pre-payout working interest.

                 
        BEXP    
WELL   COUNTY   Est. WI   CURRENT STATUS
Brad Olson 9-16 #1H
  Williams     33 %   At total depth with liner and 28 swell packers - anticipate completing with 28 frac stages in Sept.
BCD Farms 16-21 #1H
  Williams     26 %   Drilling – anticipate completing with 28 frac stages
Lee #1H
  Williams     30 %   Anticipated spud after BCD Farms
Well # 4
  Williams     30 %   Anticipated spud after Lee #1H
Well # 5
  Williams     21 %   Anticipated spud mid-September
Well # 6
  Williams     18 %   Anticipated spud mid to late October

Subsequent to the initial six wells, U.S. Energy has the option to participate in nine additional 1280 acre spacing units in Williams and McKenzie Counties, North Dakota, as selected by Brigham. Brigham may retain up to 50% of its original working interest in the nine spacing units. Brigham would back in after payout, on a combined basis, in the first four optional wells for 35% of U.S. Energy’s original working interest. Should U.S. Energy elect into the final five wells, Brigham would back in for 27.7% of U.S. Energy’s original working interest on a well by well basis.

Subsequent infill wells in spacing units that U.S. Energy participates in will be drilled with Brigham maintaining 64% of its original working interest and U.S. Energy maintaining 36% of the original working interest.

Bud Brigham, the Chairman, President and CEO, stated, “We’re extremely excited about working with U.S. Energy in the Bakken play. This transaction provides us with the opportunity to accelerate drilling in Rough Rider by drilling and completing six wells before year end, and also addresses the leases, particularly the state leases, that could not otherwise be extended. In addition, we expect the location of the subject wells to further delineate the substantial value we believe is attributable to our large acreage position within our Rough Rider development area. Finally, the transaction enables us to maintain the financial flexibility to internally fund 10 operated wells in 2010 without accessing the capital markets or increasing our financial leverage. Assuming our original working interest averages 75% in the 15 spacing units, two infill Bakken wells per spacing unit and we participate for the full interest allowed under the participation agreement, U.S. Energy would earn roughly 5,500 net acres of our current 100,300 net acres in the Rough Rider area.”

 

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Page 2

Bud Brigham continued, “We believe we’ve set another operational record in the Williston Basin by successfully running 28 swell packers in our Brad Olson 9-16 #1H well, and we plan to fracture stimulate the 28 intervals beginning in mid-September. We’re excited about the potential for the Brad Olson given that we continue to see improvements in well performance with increased frac stages. Our Anderson 28-33 #1H, which was completed with 24 stages, continues to outperform all our prior wells. After its initial rate of 2,154 barrels of oil equivalent per day, the Anderson 28-33 #1H averaged 1,811 barrels of oil equivalent during its first seven days of production, significantly outperforming our strong early rate 20 frac stage wells. We believe that our continued push to complete our wells with the latest technology will drive higher initial rates and ultimately higher EURs.”

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

 

2

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