Brigham Exploration Company: Bakken Shale Update

By Andrea: http://oilshalegas.com

Brigham Exploration Company (BEXP)recently released an operational update announcing the completion of new wells in the Bakken Shale in Williams County, North Dakota and in Mountrail County, North Dakota:

Brigham Exploration Company (BEXP) announced the completion of the State 36-1 #2H Rough Rider Three Forks well, its first Three Forks well west of the Nesson Anticline, at an early 24-hour peak flow back rate of approximately 2,356 barrels of oil equivalent. Brigham also announced three Bakken completions, including the Domaskin 30-31 #1H Ross project area well at an early 24-hour peak flow back rate of approximately 4,675 barrels of oil equivalent. As a result, Brigham has now completed 36 consecutive high frac stage long lateral Bakken and Three Forks wells in North Dakota with an average early 24-hour peak flow back rate of approximately 2,684 barrels of oil equivalent. In addition, Brigham announced the acquisition of additional leasehold covering approximately 10,200 net acres in the Williston Basin, approximately 7,600 of which is located in its core Rough Rider project area. Finally, Brigham provided an update on its drilling and completion activities in its core 205,600 net acres in the Williston Basin.

Bud Brigham, the Chairman, President and CEO, commented, "We're extremely excited by the results from our State 36-1 #2H Rough Rider Three Forks well. This well has generated an apparent record early 24-hour production rate for a Three Forks well west of the Nesson Anticline, and begins to potentially de-risk as many as 362 net Rough Rider Three Forks drilling locations. Combining our 571 drilling locations that are already significantly de-risked with as many as 362 net Rough Rider Three Forks drilling locations could result in our de-risked drilling inventory growing to up to 933 potential net locations. We believe success in the Three Forks in our Rough Rider project area represents a significant net asset valuation accretion event for our stockholders and other stakeholders."

Bud Brigham continued, "Our staff continues to manufacture oil wells on our current core acreage and deliver exceptional results. We've now completed 36 consecutive high frac stage long lateral Bakken and Three Forks wells in North Dakota with an average early 24-hour peak production rate of approximately 2,684 barrels of oil equivalent. Furthermore, with our Domaskin completion, we now have three of the four highest initial production rate Bakken wells in the Williston Basin."

Bud Brigham continued, "The results from our four recently completed wells should have a significant positive effect on our fourth quarter 2010 production volumes and our year-end proved reserves. In addition, our production volumes and proved reserves should be further enhanced by our two additional wells that are currently fracing, one of which is located in our Ross project area proximate to our record Bakken wells."

Bud Brigham concluded, "Our land department continues to actively acquire quality acreage in and adjacent to our core areas at attractive costs. We closed on an additional large acreage acquisition in Rough Rider representing approximately 6,000 net acres, all of which is core, and a significant portion of which is held by production. We believe that our track record of 36 consecutive strong producers provides us with a competitive advantage while leasing and we hope to continue to capitalize on that advantage."

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