Brigham Exploration Provides Q1 1999 Operational Update and Announces Recent Drilling Discoveries.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)--May 6, 1999-- Brigham Brigham may refer to the following: Place:
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 provided an overview of its operational activity during the first quarter 1999 along with several recent drilling discoveries. Additionally, the Company announced details for its upcoming conference call regarding its first quarter 1999 results. First Quarter 1999 Operational Update Brigham spud 9 gross and 3.2 net wells during the first quarter of 1999, representing an average working interest of 35%. Of these wells, the Company has completed 6 gross (2.3 net) wells and plugged 3 gross (0.9 net) wells, resulting in drilling success rates of 67% on a gross basis and 72% on a net basis. All of the wells spud by the Company to date in 1999 are concentrated in Brigham's 3-D projects 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. and Gulf Coast core exploration provinces. Consistent with the Company's current focus to direct substantially all of its resources toward the drilling of its existing prospect inventory, Brigham did not acquire any new 3-D seismic data during the first quarter. The Company recently completed three potentially significant exploration discoveries discussed below that it believes could add an estimated 3.5-4.5 net MMcf of equivalent natural gas production per day when these wells begin flowing to sales during the second quarter. The expected incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. production volumes from these wells represent a 20%-25% increase over the Company's estimated first quarter average net daily production of approximately 17.5 MMcfe MMcfe Millions of Cubic Feet Equivalent (Per Day; gas exploration) per day. Brigham operated the drilling of each of these discovery wells and retained an average working interest before 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. of approximately 65% in the three wells. In its Gulf Coast province, Brigham recently completed and tested its Renn Renn is one of the major characters in the novel Crystal Mask written by Katherine Roberts. Renn is a novice singer from The Echorium, who is the son of Rialle and believed to be Frenn; an orderly. Gas Unit No. 1 well in its Southwest Danbury Project in Brazoria County, Texas Brazoria County is a county in the U.S. state of Texas located on the Gulf Coast within the Houston–Sugar Land–Baytown metropolitan area. Its county seat is Angleton, and its largest city is Pearland. As of the 2000 U.S. . This well, in which Brigham retains an approximate 84% working interest, was spud in late 1998 to test a pressured Frio 3-D bright spot prospect identified by the Company. The Renn Gas Unit No. 1 encountered 79 feet of apparent net pay in two Lower Frio sand intervals upon completion late in the first quarter. The Company has tested the lower of these two zones, the 57 foot "C" sand interval, at a rate of 3.2 MMcf of natural gas per day at 1,780 psi PSI - Portable Scheme Interpreter through a 18/64" choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. , with a calculated absolute open flow rate of 33 MMcf per day. The shallower zone, the 22 foot "B" sand interval, remains untested and behind pipe for future evaluation. The Company currently anticipates producing the Renn Gas Unit No. 1 from the "C" sand zone beginning in late May. This recent discovery is Brigham's second successful Frio exploration test based on 3-D bright spot attribute analysis in its Southwest Danbury Project. In the Company's Anadarko Basin province, Brigham completed and tested two Morrow mor·row n. 1. The following day: resolved to set out on the morrow. 2. The time immediately subsequent to a particular event. 3. Archaic The morning. natural gas discoveries in its Arnett Project in Ellis County Ellis County is the name of several counties in the United States:
American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. 21 No. 1 (57% BEXP working interest) encountered 30 feet of net pay in the Morrow at an approximate depth of 10,260 feet and tested at a rate of 3.3 MMcf of natural gas per day at 2,275 psi through a 16/64" choke. The Brigham Paige 8 No. 1 (54% BEXP working interest) tested at a rate of 2.0 MMcf of natural gas per day at 1,375 psi through a 16/64" choke from an 18 foot net pay interval at an approximate depth of 10,725 feet. The Allen and the Paige wells are currently awaiting pipeline hookup hookup, n in the Trager method of therapy, the practitioner enters into a meditative state along with the patient, which allows him or her to work more intuitively and to feel subtle changes in the patient's movement and tissue texture. and are expected to begin flowing to sales within the next two weeks. Each of these two wells have offset development potential that may warrant drilling based upon production performance from these two exploratory discoveries. 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 encouraged by the results achieved to date in our 1999 drilling program. We have experienced positive results drilling for the Morrow on the northern shelf of the Anadarko Basin where we have several potential offsets that could be drilled in 1999. "We also continue to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. our large and growing inventory of amplitude-related prospects in South Texas, which were generated as a result of our Gulf Coast 3-D seismic data acquisitions during 1998. Many of these prospects are similar to our recent Renn Gas Unit and Nold Gas Unit discoveries, and a significant portion of our planned 1999 drilling is focused on these amplitude-related prospects." Brigham continued, "Through the completion of wells spud late in 1998 and early in 1999, we estimate that we have already more than replaced our anticipated 1999 production volumes for the full year with these added and developed 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. . As a result, we believe we are on track to attain our targeted levels of drilling profitability for 1999. "In addition, we anticipate that our wells completed to date in 1999 will contribute to meaningful growth in our net daily production volumes as they are brought online during the second quarter. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the depth and quality of our prospect inventory, and we are aggressively seeking cost effective ways to accelerate the drilling of our high-graded 3-D prospect portfolio." Conference Call Information Brigham management will host a conference call to discuss the Company's first quarter 1999 financial and operational results with investors, analysts and other interested parties on Wednesday, May 12, at 9:00 a.m. Central time. The Company plans to issue a press release regarding its results for the first quarter 1999 after the close of market trading on Tuesday, May 11. To participate in the call, please dial 800/680-1386 and ask for the Brigham Exploration conference call (conference identification number 12240821). The host of the call will be Bud Brigham, Chairman, President and CEO of Brigham Exploration Company. A 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 Thursday, May 13. To access the recording, please dial 800/633-8284 and enter 12240821 as the conference playback Playback could mean:
Except for the historical information contained herein, the matters discussed in this news release are 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. 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 (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. -0-
BRIGHAM EXPLORATION COMPANY
DRILLING AND 3-D SEISMIC ACTIVITY BY REGION
(unaudited)
Q1 1999
--------------------------
Gross Net WI%
Anadarko Basin Wells Spud:
Completed 6 2.3 38%
P&A 2 0.3 16%
----- ----- -----
Total 8 2.6 32%
===== ===== =====
Success Rate 75% 87% --
Sq. Miles Seismic Acquired 0 0 0%
Gulf Coast Wells Spud:
Completed 0 0.0 0%
P&A 1 0.6 58%
----- ----- -----
Total 1 0.6 58%
===== ===== =====
Success Rate 0% 0% --
Sq. Miles Seismic Acquired 0 0 0%
West Texas Wells Spud:
Completed 0 0.0 0%
P&A 0 0.0 0%
----- ----- -----
Total 0 0.0 0%
===== ===== =====
Success Rate 0% 0% --
Sq. Miles Seismic Acquired 0 0 0%
Overall Wells Spud:
Completed 6 2.3 38%
P&A 3 0.9 30%
----- ----- -----
Total 9 3.2 35%
===== ===== =====
Success Rate 67% 72% --
Sq. Miles Seismic Acquired 0 0 0%
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