Friday, October 15, 2010

Williams County, ND: Bakken Shale-Three Forks Update

By Andrea:

Brigham Exploration Co. (BEXP) recently announced an operational update on the Bakken Shale in the Three Forks area of Williams County, ND. Brigham currently has 3 completed wells in Williams County, ND:

In its Rough Rider project area in Williams County, North Dakota, Brigham announced the completion of the State 36-1 #2H Three Forks well, which was completed with 31 frac stages, at an early 24-hour peak flow back rate of approximately 2,356 barrels of oil equivalent (1,872 barrels of oil and 2.91 MMcf). The State 36-1 #2H represents Brigham's first Three Forks well completed west of the Nesson Anticline and based on publicly available information appears to represent a record Three Forks initial production rate west of the Nesson Anticline. The State 36-1 #2H represents Brigham's third Three Forks long lateral high frac stage completion. The two prior completions were east of the Nesson Anticline in Brigham's Ross project area and together averaged an early 24-hour peak flow back rate of 2,249 barrels of oil equivalent. Continued Three Forks success across its entire Rough Rider project area has the potential to add as many as 362 net drilling locations to Brigham's significantly de-risked development drilling inventory and could result in Brigham having an inventory of up to 933 net de-risked drilling locations within its current core acreage position. Brigham maintains an approximate 30% working interest in the State 36-1 #2H, which was completed with U.S. Energy Corp. (NASDAQ: USEG) as a working interest participant.

Brigham Exploration Co. (BEXP) stock has been on a steady incline since the end of August at about $15.32 and from when I sold it at $16.30 in mid-September. Today it has reached $20.94, I'm not bitter though.

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