Brigham Exploration Provides Guidance for First Quarter 2001 Results.Business Editors & Energy WritersAUSTIN, Texas--(BUSINESS WIRE)--April 11, 2001 Brigham Exploration Company (Nasdaq:BEXP) today provided guidance on its anticipated financial results for the quarter ended March 31, 2001. Guidance for First Quarter 2001 Financial Results Brigham expects net daily production volumes to average a record 23 million cubic feet of equivalent natural gas (MMcfe) during the first quarter 2001, an increase of 35% from the first quarter 2000 and up 25% from the fourth quarter 2000. This anticipated growth is attributable primarily to the addition of several wells during the quarter that were completed late in Brigham's 2000 drilling program, including a Hunton producer in its 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. province and a Frio well in its Texas Gulf Coast province. Natural gas and oil sales for the quarter are expected to be approximately $6.5 million (after giving effect to over $6 million in commodity price hedge settlements), and earnings before interest, taxes, depreciation, depletion and amortization (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) is forecast to exceed $4 million. As a result, operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. is expected to equal approximately $3 million for the quarter ($0.15 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share). Brigham expects to report a net loss to common shareholders of $700,000 ($0.05 per diluted share), excluding any non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. associated with (1) changes in the fair market value of certain hedging contracts and (2) charges related to compensation expense related to accounting requirements of FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Interpretation No. 44. Brigham plans to issue a press release regarding its first quarter 2001 operational results after the close of market trading on Monday, April 16, and its financial results after the close of market trading on Wednesday, May 9. Brigham management will host a conference call to discuss Brigham's financial and operational results for the first quarter with investors, analysts and other interested parties on Thursday, May 10, at 9:00 am Central time. Details regarding the upcoming conference call will be included in a subsequent press release. 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 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 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. |
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