Exhibit 99.1 Brigham Exploration Reports Third Quarter Results & Provides Fourth Quarter Forecast AUSTIN, Texas, Nov. 11 /PRNewswire-FirstCall/ -- Brigham Exploration Company (Nasdaq: BEXP) today announced its financial results for the quarter ended September 30, 2003. Highlights of Brigham's financial performance for the quarter include: -- 40% growth in revenue over revenue in the third quarter 2002 to $13.2 million from $9.4 million; -- 63% increase in operating income over operating income in the third quarter 2002 to $5.6 million from $3.4 million; and -- 238% increase in net income to common over net income to common in the third quarter 2002 to $3.3 million from $1.0 million. THIRD QUARTER 2003 RESULTS Average net daily production for the third quarter 2003 was 29.0 MMcfe/d, compared to 28.9 MMcfe/d for the third quarter last year. Year to date, Brigham's net daily production has averaged 29.7 MMcfe/d, relative to 27.2 MMcfe/d in 2002. Revenue from the sale of oil and natural gas during the third quarter 2003 was $13.2 million. This represents a 40% increase over revenue from the sale of oil and natural gas during last year's third quarter. This increase was due to an increase in Brigham's average realized sales price for oil and natural gas. Production costs, which include lease operating expenses, ad valorem taxes and production taxes, for the third quarter 2003 were $2.3 million, up 90% when compared to last year's third quarter production costs. An increase in lease operating expenses, due principally to an increase in workover activity and to a lesser extent other routine operating expenses represented approximately 84% of the increase. Higher ad valorem taxes, due to higher property valuations, represented 9% of the increase and higher production taxes, due to an increase in Brigham's realized pre-hedge sales price for oil and natural gas, represented approximately 7% of this increase. General and administrative expenses for the third quarter 2003 were $1.1 million compared to $1.1 million in the third quarter last year. Depletion expenses for the third quarter 2003 were $4.0 million compared to $3.6 million in the third quarter last year. Approximately 97% of the increase in depletion expenses was due to a 10% increase in Brigham's depletion rate, with the remainder due to increased production volumes. Operating income was $5.6 million, an increase of 63% from that of the prior year's quarter. Lower average outstanding debt balances for the quarter combined with a decrease in Brigham's weighted average interest rate on its outstanding debt resulted in a 31% decrease in Brigham's interest expense for the third quarter 2003. Interest expense for the third quarter 2003 was $1.1 million compared to $1.6 million during last year's third quarter. Brigham's weighted average interest rate on its outstanding borrowings for the third quarter 2003 was 5.8% and its weighted average outstanding debt balance was $71.7 million. Net income to common stockholders for the third quarter 2003 was $3.3 million ($0.13 diluted earnings per share) compared to $1.0 million ($0.06 diluted earnings per share) in the third quarter last year. Net capital expenditures for oil and natural gas activities for the third quarter 2003 were $10.3 million. This included $8.0 million for drilling, $1.7 million for land and geological and geophysical activities, and $1.4 million in capitalized interest and overhead expenses. Brigham also received $831,000 in reimbursements and proceeds from participants in Brigham generated projects during the third quarter 2003. FOURTH QUARTER 2003 FORECAST The following forecasts and estimates of Brigham's fourth quarter 2003 results are forward looking statements subject to the risks and uncertainties identified in the "Forward Looking Statements Disclosure" at the end of this release. Brigham currently expects fourth quarter 2003 production volumes to average between 30 and 34 MMcfe/d, 65% of which consists of natural gas. For the fourth quarter 2003, lease-operating expenses, including ad valorem taxes, are projected to be $0.42 per Mcfe. Production taxes are projected to be 5.5% of pre-hedge oil and natural gas revenues, net general and administrative expenses are projected to be $1.1 million ($0.36 to $0.41 per Mcfe), depletion expenses are projected to be $1.54 per Mcfe, depreciation and amortization expenses are projected to be $192,000 and accretion of asset retirement obligation is expected to be $39,000. Based on these production and cost estimates and an assumed average NYMEX prices of $4.57 per MMBtu for natural gas and $29.29 per barrel for oil, and taking into account current hedging contracts outstanding, Brigham forecasts revenue of between $12.1 and $13.8 million and operating income of between $4.8 and $5.8 million for the fourth quarter 2003. CONFERENCE CALL INFORMATION Brigham management will host a conference call to discuss the Company's third quarter 2003 operational and financial results with investors, analysts and other interested parties on Wednesday, November 12th, at 9:00 a.m. Central time. To participate in the call, participants within the U.S. please dial 800-901-5231 and participants outside the U.S. please dial 617-876-2961. The participant passcode for the call is 70285976. A telephone recording of the conference call will be available to interested parties approximately two hours after the call is completed through 11:59 p.m. Central time on Wednesday, November 26th. To access the recording, domestic callers dial 888-286-8010 and international callers dial 617-801-6888. The passcode for the conference call playback is 88266264. In addition, a live and archived web cast of the conference call will be available over the Internet at either www.bexp3d.com or www.streetevents.com . A copy of this press release and other financial and statistical information about the periods covered by this press release and by the conference call that will take place on November 12, 2003, will be available on Brigham's website. To access the press release go to www.bexp3d.com click on News Releases. The file with a copy of the press release is named Brigham Exploration Reports Third Quarter Results & Provides Fourth Quarter Forecast and is dated November 11, 2003. To access the other financial and statistical information that will be covered by the conference call that will take place on November 12, 2003, go to www.bexp3d.com and click on Corporate Presentation. The file with the other financial and statistical information is named Financial and Statistical Information for the Third Quarter 2003 Conference Call and is dated November 11, 2003. ABOUT BRIGHAM EXPLORATION Brigham Exploration Company is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore and develop onshore domestic natural gas and oil provinces. For more information about Brigham Exploration, please visit our website at www.bexp3d.com or contact Investor Relations at 512-427-3444. FORWARD LOOKING STATEMENTS DISCLOSURE Except for the historical information contained herein, the matters discussed in this news release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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. All forward looking statements contained in this release, including any forecasts and estimates, are based on management's outlook only as of the date of this release, and we undertake no obligation to update or revise these forward looking statements, whether as a result of subsequent developments or otherwise. BRIGHAM EXPLORATION COMPANY SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2002 2003 2002 2003 Revenues: Oil and natural gas sales $9,434 $13,181 $24,637 $39,947 Other revenue 15 32 42 113 $9,449 $13,213 $24,679 $40,060 Costs and expenses: Lease operating 761 1,793 2,428 4,037 Production taxes 475 553 1,327 2,297 General and administrative 1,099 1,094 3,781 3,420 Depletion of oil and natural gas properties 3,587 3,952 10,118 11,853 Depreciation and amortization 103 192 307 449 Accretion of asset retirement obligation --- 39 --- 110 $6,025 $7,623 $17,961 $22,166 Operating income $3,424 $5,590 $6,718 $17,894 Interest expense (1,614) (1,110) (4,684) (3,616) Interest income 12 8 105 36 Other income (expense) (a) (87) (80) (256) (250) Income before income taxes and cumulative effect of change in accounting principle $1,735 $4,408 $1,883 $14,064 Income tax expense --- --- --- --- Income before cumulative effect of change in accounting principle $1,735 $4,408 $1,883 $14,064 Cumulative effect of accounting change --- --- --- 268 Net income $1,735 $4,408 $1,883 $14,332 Preferred stock dividend & accretion 746 1,065 2,165 3,088 Net income (loss) to common $989 $3,343 $(282) $11,244 Net income (loss) to common per share: Basic $0.06 $0.16 $(0.02) $0.55 Diluted 0.06 0.13 (0.02) 0.43 Wt. Avg. common shares outstanding: Basic 16,057 21,210 16,037 20,340 Diluted 19,866 30,751 16,037 32,406 (a) Includes the following: Non-cash gains (losses) due to the change in the fair market value of derivative contracts that did not qualify as hedges of: $--- $--- $384 $--- Non-cash gains (losses) for ineffective portion of hedging contracts of: (106) (80) (106) (250) BRIGHAM EXPLORATION COMPANY PRODUCTION, SALES PRICES AND OTHER FINANCIAL DATA (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2002 2003 2002 2003 Average net daily production: Natural gas (MMcf) 16.3 18.3 16.0 17.2 Oil (Bbls) 2,104 1,777 1,867 2,081 Equivalent natural gas (MMcfe) (6:1) 28.9 29.0 27.2 29.7 Total net production: Natural gas (MMcf) 1,463 1,648 4,307 4,648 Oil (MBbls) 189 160 504 562 Equivalent natural gas (MMcfe) (6:1) 2,599 2,608 7,332 8,019 % Natural gas 56% 63% 59% 58% Sales prices: Natural gas ($/Mcf) (a) $3.23 $5.27 $3.02 $5.17 Oil ($/Bbl) (a) 24.85 28.08 23.04 28.31 Weighted average ($/Mcfe) (6:1) 3.63 5.05 3.36 4.98 (a) Includes the effects of hedging gains (losses) of: Natural gas ($/Mcf) $(0.06) $(0.45) $(0.02) $(0.99) Oil ($/Bbl) (2.19) (2.23) (1.46) (2.77) SUMMARY CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) 12/31/2002 09/30/2003 Assets: Current assets $33,322 $31,521 Oil and gas properties, at cost, net 164,980 183,745 Other property and equipment, at cost, net 1,234 1,210 Other non-current assets 2,523 2,697 Total assets $202,059 $219,173 Liabilities and stockholders' equity: Current liabilities $34,010 $37,588 Notes payable 60,000 13,000 Senior subordinated notes 21,797 22,685 Other non-current liabilities 186 2,470 Total liabilities $115,993 $75,743 Series A Preferred Stock, mandatorily redeemable 19,540 21,989 Series B Preferred Stock, mandatorily redeemable 4,777 5,416 Stockholders' equity 61,749 116,025 Total liabilities and stockholders' equity $202,059 $219,173 BRIGHAM EXPLORATION COMPANY SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2002 2003 2002 2003 Cash flows from operating activities: Net income $1,735 $4,408 $1,883 $14,332 Depletion, depreciation and amortization 3,690 4,144 10,425 12,302 Accretion of asset retirement obligation --- 39 --- 110 Interest paid through issuance of add'l senior sub. notes 288 303 785 888 Amortization of deferred loan fees 303 272 888 809 Non-cash compensation expense --- --- 596 --- Cumulative effect of adoption of accounting principle --- --- --- (268) Market value adjustment for derivatives instruments 106 80 (278) 250 Changes in operating assets and liabilities 6,017 (339) 7,896 4,002 Net cash provided by operating activities $12,139 $8,907 $22,195 $32,425 Cash flows used by investing activities (5,657) (10,188) (18,850) (29,402) Cash flows (used) provided by financing activities --- 66 3,725 (7,325) Net increase (decrease) in cash and cash equivalents $6,482 $(1,215) $7,070 $(4,302) SUMMARY PER MCFE DATA (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2002 2003 2002 2003 Revenues: Oil and natural gas sales $3.63 $5.05 $3.36 $4.98 Other revenue 0.01 0.01 0.01 0.01 $3.64 $5.06 $3.37 $4.99 Costs and expenses: Lease operating 0.29 0.69 0.33 0.50 Production taxes 0.18 0.21 0.18 0.29 General and administrative 0.42 0.42 0.52 0.43 Depletion of natural gas and oil properties 1.38 1.52 1.38 1.48 Depreciation and amortization 0.04 0.07 0.04 0.06 Accretion of asset retirement obligation --- 0.01 --- 0.01 $2.31 $2.92 $2.45 $2.77 Operating income $1.33 $2.14 $0.92 $2.22 BRIGHAM EXPLORATION COMPANY SUMMARY OF COMMODITY PRICE HEDGES OUTSTANDING AS OF NOVEMBER 11, 2003 (unaudited) Q4 Q1 Q2 Q3 Q4 Q1 Q2 2003 2004 2004 2004 2004 2005 2005 Natural Gas Swaps: MMBtu/d 4,500 3,250 2,500 1,500 1,000 --- --- $/MMBtu $4.039 $4.963 $4.252 $4.180 $4.360 $--- $--- Natural Gas Collars: MMBtu/d --- 6,000 4,500 3,250 2,500 2,250 1,500 Floor - $/MMbtu $--- $4.125 $4.139 $4.135 $4.150 $4.139 $4.083 Ceiling - $/MMbtu $--- $8.433 $5.389 $5.350 $5.662 $6.633 $5.107 Natural Gas Floors: MMBtu/d 5,000 --- --- --- --- --- --- $/MMBtu $4.500 $--- $--- $--- $--- $--- $--- Crude Oil Swaps: Bbls/d 450 325 225 150 100 --- --- $/Bbl $23.21 $25.35 $24.52 $23.91 $23.80 $--- $--- Crude Oil Collars: Bbls/d --- 500 350 200 175 175 75 Floor - $/Bbl $--- $23.00 $23.00 $23.00 $23.00 $23.00 $23.00 Ceiling - $/Bbl $--- $30.43 $28.92 $27.00 $26.21 $25.85 $26.45 Note: Hedged volumes and prices reflected in this table represent average contract amounts for the quarterly periods presented; natural gas hedge prices and crude oil hedge contract prices are based on NYMEX pricing. Contact: John Turner, Manager - Finance & Investor Relations (512) 427-3300 SOURCE Brigham Exploration Company -0- 11/11/2003 /CONTACT: John Turner, Manager - Finance & Investor Relations of Brigham Exploration Company, +1-512-427-3300/ /Web site: http://www.streetevents.com / /Web site: http://www.bexp3d.com / (BEXP) CO: Brigham Exploration Company ST: Texas IN: OIL SU: ERN CCA MAV ERP