Brigham Exploration Announces Deep Frio Discovery, Continued Development Success At Home Run Field and Operations Update.Business Editors & Energy Writers AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas--(BUSINESS WIRE)--Jan. 16, 2002 Brigham Brigham may refer to the following: Place:
According to the U.S. . Providence Field , Matagorda County, Texas During the fourth quarter of 2001, Brigham successfully drilled and completed a Frio Fri·o A river of southern Texas flowing about 354 km (220 mi) south and southeast to the Nueces River. test targeting a large structure with multiple potential pay sands. Brigham operated and retained a 41% working and 31% net revenue interest in the Staubach Stau·bach , Roger Thomas Born 1942. American football player. As quarterback for the Dallas Cowboys (1969-1979), he led the National Football League in passing five times and guided his team to two Super Bowl victories. No. 1, which reached total depth in mid-December Noun 1. mid-December - the middle part of December period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" Dec, December - the last (12th) month of the year and encountered approximately 36 feet of net pay in the over-pressured Frio sand section. Other participants include Carrizo Noun 1. carrizo - tall North American reed having relative wide leaves and large plumelike panicles; widely distributed in moist areas; used for mats, screens and arrow shafts common reed, ditch reed, Phragmites communis Oil & Gas Inc. (Nasdaq:CRZO) with a 35% working interest, Aspect Energy LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control with a 7% working interest, and Samedan Samedan is a town and municipality in the district of Maloja in the Swiss canton of Graubünden. Oil with a 7% working interest. The well was recently perforated per·fo·ra·ted adj. Pierced with one or more holes. and tested at 2.2 MMcf of natural gas and 1,368 barrels of oil (10.4 MMcfe MMcfe Millions of Cubic Feet Equivalent (Per Day; gas exploration) ) per day with flowing tubing pressure of 6,670 psi PSI - Portable Scheme Interpreter , and is expected to begin producing to sales in February February: see month. 2002. Brigham is currently considering various development drilling options, including the spud of an offset well some time late in the first quarter 2002. Home Run & Triple Crown Fields, Brooks County, Texas In late November Brigham began producing to sales the Sullivan C-27 (34% working interest, 25% net revenue interest) at 11.3 MMcf of natural gas and 506 barrels of condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. (14.3 MMcfe) per day with 5,690 psi flowing tubing pressure. In addition, Brigham is currently completing the Sullivan C-28 (34% working interest, 25% net revenue interest), which reached total depth in late December and encountered comparable Lower Vicksburg pay sands to that found in the Sullivan C-27 well. Brigham anticipates full commingled production from the Sullivan C-28 in February 2002. In its Triple Crown Field, Brigham's first development well, the Sullivan No. 1 (50% working interest, 37.5% net revenue interest) encountered the objective Upper & Lower Vicksburg sands approximately 200 feet structurally low to the Dawson No. 1 discovery well with diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. reservoir quality sands, thus its performance has been disappointing. However, the second development well in the field, the Sullivan F-31 (42% working interest, 31% net revenue interest), is expected to test the same interval found productive in the Dawson No. 1 discovery well at a structural position approximately 140 feet high to the Dawson No. 1 and approximately 340 feet high to the Sullivan No. 1. The Sullivan F-31 is currently drilling at a depth of approximately 9,200 feet, and is expected to reach total depth in February 2002. Fourth Quarter 2001 Operational Update Brigham spud 5 wells during the fourth quarter in which it retained an average working interest of 25%. Three of these wells have been completed or are completing, one has been plugged and one is currently drilling. For all wells in Brigham's 2001 drilling program, 26 have been completed or are completing, 6 have been plugged and one is currently drilling. As a result, Brigham has achieved an 81% average gross completion rate and an 89% average net completion rate thus far in its 2001 drilling program. Management Comments Bud Brigham, the Company's Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president, stated, "We're very excited about our Providence Field discovery. Like prior discoveries, including the 1999 Home Run Field, the 2000 Mills Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. Field, and the 2001 Triple Crown Field, the Providence Field should provide our Company with development drilling opportunities for several years to come." Bud Brigham further stated, "Our Triple Crown and Providence Field discoveries did not impact our 2001 production volumes, and yet we were still able to grow our 2001 production volumes by approximately 50% over production volumes in 2000. However, Triple Crown and Providence Fields should both have a material impact on our production volumes in 2002. We are particularly encouraged by the strong test rates generated by Staubach No. 1, as well as the high production rates we've achieved with our other recent Frio discoveries. Given these field discoveries, and our other 2001 drilling successes, we are confident that 2002 will continue to provide our shareholders with value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. growth in production volumes and cash flow." About Brigham Exploration Brigham Exploration Company is a leading 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 more information about Brigham Exploration, please visit our Web site at www.bexp3d.com or contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 512/427-3444. Forward-Looking Statement 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.
Brigham Exploration Company
Drilling Activity by Region
Q4 2001
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Gross Net WI%
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Anadarko Basin Wells Completed 1 0.04 4.0%
P&A Wells 1 0.03 3.0%
Wells Drilling 0 0.00 0.0%
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Total Wells Spud 2 0.07 3.5%
====== ====== ======
Completion Rate 50.0% 57.1%
Gulf Coast Wells Completed 2 0.75 37.5%
P&A Wells 0 0.00 0.0%
Wells Drilling 1 0.42 42.0%
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Total Wells Spud 3 1.17 39.0%
====== ====== ======
Completion Rate 100.0% 100.0%
West Texas Wells Completed 0 0.00 0.0%
P&A Wells 0 0.00 0.0%
Wells Drilling 0 0.00 0.0%
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Total Wells Spud 0.00 0.00 0.0%
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Completion Rate 0.0% 0.0%
Overall Wells Completed 3 0.79 26.3%
P&A Wells 1 0.03 3.0%
Wells Drilling 1 0.42 42.0%
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Total Wells Spud 5 1.24 24.8%
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Completion Rate 75.0% 96.3%
Full Year 2001
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Gross Net WI%
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Anadarko Basin Wells Completed 11 2.97 27.0%
P&A Wells 2 0.07 3.5%
Wells Drilling 0 0.00 0.0%
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Total Wells Spud 13 3.04 23.4%
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Completion Rate 84.6% 97.7%
Gulf Coast Wells Completed 12 4.44 37.0%
P&A Wells 2 0.43 21.5%
Wells Drilling 1 0.42 42.0%
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Total Wells Spud 15 5.30 35.3%
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Completion Rate 85.7% 91.2%
West Texas Wells Completed 3 2.55 85.0%
P&A Wells 2 0.79 39.5%
Wells Drilling 0 0.00 0.0%
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Total Wells Spud 5 3.34 66.8%
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Completion Rate 60.0% 76.4%
Overall Wells Completed 26 9.97 38.4%
P&A Wells 6 1.30 21.7%
Wells Drilling 1 0.42 42.0%
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Total Wells Spud 33 11.68 35.4%
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Completion Rate 81.3% 88.5%
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