UPDATE 2-Brigham to offer 30 mln shares

* Brigham offering to increase shares outstanding by 64 pct

* GMX says its offering priced at $12/shr

* Brigham shares fall 26 pct, GMX down 8 percent (Recasts; adds details, analyst comment, updates share movement)

BANGALORE, May 14 (Reuters) - Independent oil and gas company Brigham Exploration Co (BEXP.O) said it was offering 30 million shares, which would increase its shares outstanding by 64 percent.

Shares of the company, which currently has 46.6 million shares outstanding, fell as much as 26 percent to $2.57 Thursday morning on Nasdaq.

Brigham said it intends to use the proceeds for its capital expenses, including restarting its Bakken shale and Three Folks drilling program, and repay some of its outstanding debt under its senior credit facility.

BMO Capital Markets analyst Dan McSpirit said he believed Brigham was forced to squeeze existing shareholder value as it was unable to sell off enough interests or assets in time.

Another exploration and production company, GMX Resources Inc (GMXR.O), said its offering of 5 million shares was priced at $12 apiece, a discount of 5 percent to the stock's Wednesday closing price of $12.57.

GMX said it intends to use the net proceeds from the stock offering to repay some of its outstanding debt under its revolving credit facility.

Shares of Brigham were trading down 23 percent at $2.69. GMX shares were down 4 percent at $12.03 Thursday morning on Nasdaq.

For the alerts, please double click [ID:nWNAB9462] [ID:nWNAB9492] (Reporting by Arup Roychoudhury in Bangalore; Editing by Anne Pallivathuckal) (arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.net))