(Source: MARKETWIRE)
Brigham Exploration Company (NASDAQ: BEXP) announced it has priced
its offering of 16,000,000 shares of common stock at a public
offering price of $10.50 per share. Net proceeds from the offering
are expected to be used primarily to accelerate the development of
Brigham's Williston Basin acreage position by drilling 24 net
horizontal wells in 2010, which will target both the Bakken and Three
Forks objectives. Pending use of the net proceeds, 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. The offering is scheduled to
close October 27, 2009.
In connection with the offering, Credit Suisse Securities (USA) LLC
and Jefferies & Company, Inc. are acting as joint book-running
managing underwriters and Johnson Rice & Company, Raymond James, RBC
Capital Markets, Howard Weil Incorporated and Pritchard Capital
Partners, LLC are acting as co-managing underwriters for the
offering. Brigham has granted the underwriters a 30-day option to
purchase up to 2,400,000 additional shares to cover over-allotments,
if any.
The offering is being made only by means of a prospectus and related
prospectus supplement, which has been filed with the Securities and
Exchange Commission. A copy of the prospectus and prospectus
supplement relating to the offering may be obtained from the offices
of: Credit Suisse Securities (USA) LLC, Prospectus Department, One
Madison Avenue, New York, NY 10010, 1-800-221-1037 or Jefferies &
Company, Inc., 520 Madison Avenue, New York, NY 10022,
1-888-449-2342.
This announcement is neither an offer to sell nor a solicitation of
an offer to buy any of these securities and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful.
About Brigham Exploration
Brigham Exploration Company is an independent exploration,
development and production company that utilizes advanced
exploration, drilling and completion technologies to systematically
explore for, develop and produce domestic onshore oil and natural gas
reserves. For more information about Brigham Exploration, please
contact Investor Relations at 512-427-3444.
Forward-Looking Statement Disclosure
The matters discussed in this news release are forward-looking
statements within the meaning of the federal securities laws.
