Brigham Exploration Announces Major Vicksburg Field Discovery, Other Recent Drilling Successes and Record Second Quarter Production Volumes.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)--Aug. 7, 2001 Brigham Brigham may refer to the following: Place:
According to the U.S. , and a 90% net completion rate thus far in 2001. The Company also announced its fourth consecutive Frio Fri·o A river of southern Texas flowing about 354 km (220 mi) south and southeast to the Nueces River. bright spot discovery in Matagorda County, Texas Matagorda County is a county located in the U.S. state of Texas. As of 2000, the population was 37,957. Its county seat is Bay City6. Matagorda County is named for the canebrakes which once grew along the coast (Matagorda is a Spanish word meaning "thick bush"). , four additional Springer springer a North American term commonly used to describe heifers close to term with their first calf. channel drilling successes in Blaine County Blaine County is the name of four counties in the United States:
Texas Gulf Coast Triple Crown Field Discovery -- The Brigham-operated Dawson No. 1 well was drilled as an exploratory test of one of several downthrown fault blocks adjacent to Brigham's Home Run Field in its Diablo di·ab·lo adj. Diable. [Alteration (influenced by Spanish diablo, devil) of diable.] 3-D Seismic Project in Brooks County, Texas. The Dawson No. 1 was drilled to a depth of 14,256 feet and encountered an apparent 149 feet of net pay in the Upper Vicksburg and 25 feet of net pay in the Lower Vicksburg sand intervals. Brigham retained a 50% working interest and 37.5% net revenue interest, which is subject to back-in working interests that would ultimately reduce Brigham's working interest in the well to 42% at 200% payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. . Currently Brigham is perforating and stimulating the various pay intervals, with plans to commingle commingle to mingle together, e.g. cattle mingling with deer. all productive upper and lower Vicksburg zones by late August. Brigham's 3-D interpretative in·ter·pre·ta·tive adj. Variant of interpretive. in·ter  pre·ta mapping indicates that the Triple Crown Field should cover approximately 1,100 acres with estimated gross reserves ranging from 40 Bcfe to 200 Bcfe. The Company expects to spud its first development well of the Triple Crown Field some time in the third or fourth quarter. 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 are extremely excited about this discovery and the impact we expect it to have on our Company's net asset value, particularly since it has substantially proven up the lowest downthrown fault block adjacent to our Home Run Field. We believe that the Triple Crown Field could ultimately produce between 15 and 75 Bcfe net to our Company. Further, it substantially reduces the risk of other untested fault blocks, given that each of these adjacent fault blocks are structurally low to the Home Run Field but flat or high to our Triple Crown Field discovery." Fifth Consecutive Completion at Home Run Field -- In Brigham's Home Run Field, which again is upthrown from the Company's new Triple Crown Field discovery, Brigham has successfully drilled and is currently completing its fourth development well since the discovery of the field in late 1999. The Palmer State No. 5, in which Brigham has retained a 34% working interest and 26% net revenue interest, encountered 49 net feet of apparent pay in the Lower Vicksburg formation. The Palmer No. 5 is an offsetting location to Brigham's recently completed Sullivan C-25 development well, which had comparable log characteristics and began producing to sales at a rate of 10 MMcf of natural gas and 700 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. per day. The Company plans to fracture fracture, breaking of a bone. A simple fracture is one in which there is no contact of the broken bone with the outer air, i.e., the overlying tissues are intact. In a comminuted fracture the bone is splintered. stimulate, commingle all Lower Vicksburg zones and begin producing the well to sales within the next 45 days. The four wells completed in the Home Run Field thus far have produced a cumulative 5.2 Bcfe to date. At year-end 2000, the Home Run Field included net booked proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. of 17 Bcfe as compared to total net reserve potential, once the field is fully developed, of approximately 45 Bcfe. A fifth development well is scheduled to spud at Home Run Field in the next several weeks, and a sixth development well may spud late in the fourth quarter of 2001 or early in the first quarter of 2002. Fourth Consecutive Frio Bright Spot Discovery -- During the second quarter, Brigham participated in the successful drilling of its fourth consecutive 3-D delineated de·lin·e·ate tr.v. de·lin·e·at·ed, de·lin·e·at·ing, de·lin·e·ates 1. To draw or trace the outline of; sketch out. 2. To represent pictorially; depict. 3. Frio bright spot discovery in Matagorda County, Texas. Brigham retained a 20% working interest in the well, which logged an apparent 42 feet of net pay with 29% average porosity porosity /po·ros·i·ty/ (por-os´it-e) the condition of being porous; a pore. po·ros·i·ty n. 1. The state or property of being porous. 2. in multiple Lower Frio sands. Completion operations and pipeline construction are underway with sales expected to begin by mid-August. Brigham has one additional Frio well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described , in which the Company retains a 31% working interest, and three additional Frio tests currently planned for the remainder of 2001. Anadarko Basin The Anadarko Basin is one of the most prolific natural gas reserves in North America, with ultimate gas production in excess of 100 trillion cubic feet of gas.[1] External links
References 1. Four Springer Channel Discoveries -- In the second quarter, Brigham successfully completed four of five Springer channel wells drilled in Blaine County, Okla. As a result, the Company has now successfully completed seven Springer channel discoveries in its last eight attempts. The previously announced Price 17-3 discovery began producing to sales in May at an initial rate of 2.8 MMcf of natural gas and 70 barrels of condensate per day, or 1.3 MMcfe net to Brigham's 41% net revenue interest. In July, Brigham completed two successful offsets to a discovery that was announced in the first quarter of 2001. The previously announced discovery well is currently producing approximately 6.8 MMcfe per day, or 1.4 MMcfe net to Brigham's interest. Brigham's first offset, in which the Company retained a 24% working interest and 20% net revenue interest, has been completed and is currently awaiting a pipeline connection. Brigham's second offset, in which the Company retained a 47% working interest and 38% net revenue interest, is currently being completed. Both wells are likely to begin producing to sales in late August at a combined rate of 4 to 10 MMcf of natural gas and 60 to 150 barrels of condensate per day, or 1.1 to 3.8 MMcfe net to Brigham's revenue interest. In addition, completion operations are currently underway on the Company's fourth successful Springer channel well for the quarter, in which Brigham retains a 51% working interest. This discovery should begin producing to sales by late August. The Company plans to drill one to two additional Springer channel tests during the second half of 2001. West Texas Fourth Consecutive West Texas Oil Discovery -- In May, Brigham began producing to sales its fourth consecutive West Texas oil discovery, a Canyon Reef well that encountered approximately 179 feet of reef pay at a depth of approximately 9,400 feet. Since the well was brought on line in May, it has produced approximately 250 barrels of oil per day, or 1.2 MMcfe per day net to Brigham's 77% revenue interest. Brigham's four recent drilling successes in West Texas are currently producing approximately 570 barrels of oil per day net to Brigham's interest, or 63% of Brigham's average daily oil production rate for the fourth quarter of 2000. Brigham intends to continue to high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. its inventory of West Texas prospects and may spud a number of additional wells in this province by year-end. Drilling Statistics and Production Volumes Thus far in its 2001 drilling program, Brigham has completed 16 wells (7.7 net) and plugged 3 wells (.8 net), yielding an 84% completion rate (90% net). Brigham currently has three wells (0.5 net) drilling with seven additional wells expected to spud in the next sixty days. In the second quarter, Brigham's production volumes averaged 20.7 MMcf of natural gas per day and 1,453 barrels of oil per day. Brigham's 29.5 MMcfe per day second quarter average production rate is approximately 68% greater than volumes produced in the second quarter of 2000 and 28% greater than volumes produced in the first quarter of 2001. Bud Brigham further indicated, "Our drilling successes have proven the quality and depth of our prospect inventory. Over 90% of our 2001 capital expenditures are planned for our five focus plays: the Vicksburg and Frio plays of the 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. Gulf Coast, the Springer and Hunton plays of the Anadarko Basin, and the Canyon Reef oil play in West Texas. In these focus plays we've successfully completed 22 wells in 23 attempts over the past eighteen months. Most of this drilling success occurred in the first half of 2001, generating substantial reserve additions and production volume growth for our shareholders. Given our current completions, the ongoing development of our Home Run Field, the planned development of our new Triple Crown Field discovery, and our high potential and, to date, highly successful exploration program, we expect continued reserve additions and production volume growth for the second half of 2001." SECOND QUARTER 2001 EARNINGS RELEASE AND CONFERENCE CALL INFORMATION Brigham will issue a press release regarding its second quarter 2001 financial results after the close of market trading on Wednesday, August 8. Brigham's management will host a conference call to discuss Brigham's operational and financial results for the second quarter ended June 30, 2001, with investors, analysts and other interested parties on Thursday, August 9, at 9:00 a.m. Central time. To participate in the call, please dial 888/343-7167 and ask for the Brigham Exploration conference call (conference reservation number 19447498). A telephone recording of the conference call will be available to interested parties approximately one hour after the call is completed through 5:00 p.m. Central time on Tuesday, August 14. To access the recording, please dial 800/633-8284. In addition, a live and archived Web cast of the conference call will be available over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at either www.bexp3d.com or www.streetevents.com. About Brigham Exploration Brigham Exploration Company is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore and develop onshore 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 Statements 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. |
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