April 29, 2010 / 9:47 PM / 10 years ago

UPDATE 1-Brigham Exploration Q1 beats estimates; shares up

* Adj EPS $0.08 vs est $0.05

* Revenue up 76 pct to $32.6 mln

* Sees higher production in Q2

* Shares up 5 pct

April 29 (Reuters) - Brigham Exploration Co BEXP.O reported better-than-expected quarterly results on strong production and higher average realized prices, sending its shares up 5 percent in after-hours trading.

The oil and natural gas explorer also forecast sequentially higher production in the second quarter.

Brigham expects second-quarter daily production volumes of 6,200 barrels of crude oil equivalent per day (boepd) to 6,800 boepd, up from first-quarter levels of 5,420 boepd.

For the latest first quarter, the company earned $11.3 million, or 11 cents a share, compared with a net loss of $119.1 million, or $2.60 a share, a year ago.

Revenue rose 76 percent to $32.6 million.

Excluding items, the company earned 8 cents a share.

Average daily production volumes for the first quarter were up 1 percent year-over-year, and 7 percent sequentially. Average realized prices for crude oil were up over 75 percent at $72.39 per barrel.

Analysts were expecting earnings of 5 cents a share on revenue of $26.91 million, according to Thomson Reuters I/B/E/S.

Shares of the company were up 5 percent at $20.30 in after-market trade. The stock, which has risen ten-fold in the past year, closed at $19.40 Thursday on Nasdaq. (Reporting by Vinay Sarawagi in Bangalore; Editing by Ratul Ray Chaudhuri)

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