Brigham Exploration Announces Closing of $50 Million Financing With Enron.AUSTIN, Texas--(BUSINESS WIRE)--Aug. 25, 1998--Brigham Exploration Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BEXP) today announced that it has closed its previously announced sale of $50 million of debt and equity securities to affiliates of Enron Corp. (NYSE NYSE See: New York Stock Exchange :ENE) ("Enron"). As previously announced, the Enron financing transaction includes (i) the sale of $40 million of senior subordinated notes due 2003, (ii) the issuance of warrants to purchase 1,000,000 shares of BEXP common stock at $10.45 per share, and (iii) the sale of 1,052,632 shares of BEXP common stock at a price of $9.50 per share. The approximate $47.5 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). received by Brigham were used to repay a portion of outstanding borrowings under its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. Brigham Exploration Company, www.bexp3d.com, is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore and develop onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. domestic natural gas and oil provinces. For further information, please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 512/427-3444, investor@bexp3d.com or mail requests to 6300 Bridge Point Parkway, Building Two, Suite 500, Austin, TX 78730. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Disclosure Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that are based upon current expectations. Important factors that could cause actual results to differ materially from those in the forward-looking statements include risks inherent in exploratory drilling activities, the timing and extent of changes in commodity prices, unforeseen engineering and mechanical or technological difficulties in drilling wells, availability of drilling rigs, land issues, federal and state regulatory developments and other risks more fully described in the Company's filings with the Securities and Exchange Commission.
CONTACT: Brigham Exploration Company, Austin
Craig M. Fleming or Christopher A. Phelps, 512/427-3300
investor@bexp3d.com
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