In a research note, Thomas Weisel Partners doubled its estimate for Brigham's net asset value to $15 per share. It also upgraded its rating of Brigham's shares to "Overweight" from "Market Weight."

The analysts noted that the Austin, Texas-based oil driller owns several oil and natural gas wells that are producing more than expected.

Brigham's exploration and development operations are located in the Rocky Mountains, on the Gulf Coast, Anadarko Basin and in west Texas. The company says it has 284 wells producing 140.2 billion cubic feet of natural gas equivalent.

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