(Source: MARKETWIRE)
Brigham Exploration Company (NASDAQ: BEXP) provided an update on its Williston Basin activity including initial production rates on two operated and seven non-operated wells brought on line since year-end. Brigham is also currently participating in 16 wells that are either drilling, completing or waiting on completion, including 11 non-operated wells in the Parshall / Austin area and one non-operated well in the Sanish area. In addition, Brigham expects to participate in three non-operated wells in the Parshall / Austin and Sanish areas that are expected to spud during May.
Wells Completed Since Year-End -- In late March, Brigham announced that the Olson 10-15 #1H was successfully placed on rod pump and was producing approximately 573 barrels of oil and 430 Mcf of natural gas per day. The well has produced over 46,600 barrels of oil and continues to perform strongly, with current production of approximately 359 barrels of oil and 269 Mcf of natural gas per day. Brigham owns an approximate 100% working interest and 79% net revenue interest in the well.
In addition to the Olson, the Whiting operated TTT Ranch 11-6H came on line in May at an initial production rate of 3,102 barrels of oil equivalent per day. Brigham owns an approximate 5% working interest and 4% net revenue interest in the well.
The following table summarizes wells brought on line to production since year-end (all wells target the Bakken formation unless otherwise noted):
INIT. RATE OPERATOR WELL NAME COUNTY LOCATION ~ WI BOEPD ----------------- --------- ------------ ------ ----- Slawson Exploration Banshee #1-1H Mountrail 153-91-01 0.60% 1,117 Whiting Oil & Gas TTT Ranch 11-6H Mountrail 153-91-0506 4.96% 3,102 Brigham Oil & Gas Friedrich Trust Sheridan 34-56-31 76.68% 200 31 #1 (Red River) Marathon Oil Nanette Stromman Dunn 145-95-1324 5.83% 588 41-13H Hess Corporation RS-Anderson Mountrail 156-92-3229 24.61% 858 156-92-3229H-1 Marathon Oil Nanette Stromman Dunn 145-95-1324 5.83% 549 21-13H Brigham Oil & Gas Olson 10-15 #1H Williams 154-102-1015 100.00% 1,433 Sinclair Oil & Gas Sinclair State Mountrail 154-93-3625 0.94% 281 #1-36H Hess Corporation EN-Ruland Mountrail 156-94-3328 2.43% 866 156-94-3328H-1
Wells Drilling, Completing or Awaiting Completion -- Brigham is currently participating in 16 wells that are either drilling, completing or waiting on completion. This includes 10 EOG Resources operated wells in the prolific Parshall / Austin area. In addition, Brigham is participating in the Windsor Weflen 1-4H, which is also located in the Parshall / Austin area, with an approximate 11% working interest. Finally, Brigham is participating in the Murex Clifford Gene #1-12H, which is located in the prolific Sanish area, with a 2% working interest. These wells are anticipated to be brought on line to production in the second and third quarters of 2009.
