Key Developments For Brigham Exploration Co
Brigham Exploration Co (BEXP.O) (Nasdaq)
Brigham Exploration Company Comments On Q3 2009 Production Guidance
Brigham Exploration Company announced that it anticipates fourth quarter 2009 production volumes to average between 4,700 barrels of oil equivalent per day to 5,200 barrels of oil equivalent per day.
Brigham Exploration Company Prices Offering Of 16,000,000 Shares Of Common Stock At $10.50 Per Share
Brigham Exploration Company announced it has priced its offering of 16,000,000 shares of common stock at a public offering price of $10.50 per share. Net proceeds from the offering are expected to be used primarily to accelerate the development of Brigham's Williston Basin acreage position by drilling 24 net horizontal wells in 2010, which will target both the Bakken and Three Forks objectives. Pending use of the net proceeds, Brigham intends to use a portion of the net proceeds from the offering to repay the indebtedness outstanding under its senior credit facility. In connection with the offering, Credit Suisse Securities (USA) LLC and Jefferies & Company, Inc. are acting as joint book running managing underwriters.
Brigham Exploration Company Announces Commencement Of Public Offering Of 14,000,000 Shares Of Common Stock
Brigham Exploration Company announced commencement of a proposed underwritten public offering of 14,000,000 shares of common stock under its existing shelf registration statement. Net proceeds from the offering are expected to be used primarily to accelerate the development of the Company's Williston Basin acreage position by drilling 24 net horizontal wells in 2010, which will target both the Bakken and Three Forks objectives. In connection with the offering, the underwriters will have a 30-day option to purchase up to 2,100,000 additional shares of common stock. Assuming net proceeds of approximately $137 million from the offering, Brigham anticipates that its initial 2010 exploration and development budget will total $175.8 million, which would include $169.4 million in drilling expenditures and $6.4 million in land expenditures. Brigham currently anticipates drilling 24 net horizontal wells in the Williston Basin in 2010, including 21 net operated wells and three net non-operated wells, which would be drilled primarily in its core developmental acreage positions in its Rough Rider and Ross project areas in Williams, McKenzie and Mountrail Counties, North Dakota.
Brigham Exploration Company Comments On Q3 2009 Production Guidance
Brigham Exploration Company announced that for the third quarter of 2009, it expects production volumes to average between 4,667 barrels of oil equivalent per day to 5,167 barrels of oil equivalent per day. Furthermore, the Company currently anticipate oil production to grow to approximately 2,458 barrels of oil per day in the third quarter 2009 based on the mid point of production guidance.
Brigham Exploration Company Closes Amendment to Senior Credit Agreement
Brigham Exploration Company announced that it has closed on the Fifth Amendment to its Senior Credit Agreement with a bank group comprised of six banks led by Bank of America, N.A. In addition to other provisions of the amendment, the Fifth Amendment extends the maturity date of the Senior Credit Agreement to July 24, 2012. The Senior Credit Agreement provides for revolving credit borrowings of up to $200 million with an initial borrowing base of $110 million. The borrowing base is reset each May and November with the next redetermination scheduled to take place in November 2009. The Fifth Amendment, which includes specific terms and covenants governing the facility, will be filed with the Securities and Exchange Commission. As of June 30, 2009, Brigham had drawn $110 million under the facility and maintains $73.4 million in cash, cash equivalents and short term investments.
