(Source: MARKETWIRE)Brigham Exploration Company (NASDAQ: BEXP) today announced commencement of a proposed underwritten public offering of 14,000,000 shares of common stock under its existing shelf registration statement. Net proceeds from the offering are expected to be used primarily to accelerate the development of the company's Williston Basin acreage position by drilling 24 net horizontal wells in 2010, which will target both the Bakken and Three Forks objectives. In connection with the offering, the underwriters will have a 30-day option to purchase up to 2,100,000 additional shares of common stock.

Assuming net proceeds of approximately $137 million from the offering, Brigham anticipates that its initial 2010 exploration and development budget will total $175.8 million, which would include $169.4 million in drilling expenditures and $6.4 million in land expenditures. Brigham currently anticipates drilling 24 net horizontal wells in the Williston Basin in 2010, including 21 net operated wells and three net non-operated wells, which would be drilled primarily in its core developmental acreage positions in its Rough Rider and Ross project areas in Williams, McKenzie and Mountrail Counties, North Dakota. Brigham also anticipates drilling a horizontal Bakken well in its Ghost Rider project area in Roosevelt County, Montana. With two Brigham operated rigs currently drilling in the Williston Basin, Brigham anticipates adding a third operated rig later this month and a fourth operated rig early in the third quarter 2010. Finally, the initial 2010 drilling budget currently includes two net wells in Brigham's South Texas Vicksburg play in Brooks County, Texas.

Pending use of the net proceeds to fund its initial 2010 exploration and development budget, Brigham intends to use a portion of the net proceeds from the offering to repay the indebtedness outstanding under its senior credit facility. As of September 30, 2009, $110 million was outstanding under the senior credit facility. Brigham intends to re-borrow under its senior credit facility in 2010 to fund exploration and development expenditures as they are incurred.

Bud Brigham, the Chairman, President and CEO, stated, "Given the advances in our horizontal completion methodologies and the resulting improved drilling results that we've achieved in the Williston Basin, following completion of this offering, we will be in a great position to accelerate our Bakken and Three Forks drilling activity and bring forward a significant portion of the associated net asset value for our shareholders.