EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
BRIGHAM EXPLORATION PROVIDES GUIDANCE FOR FIRST QUARTER 2001 RESULTS
Austin, TX -- (Business Wire) - April 11, 2001 -- Brigham Exploration
Company (NASDAQ:BEXP) today provided guidance on its anticipated financial
results for the quarter ended March 31, 2001.
GUIDANCE FOR FIRST QUARTER 2001 FINANCIAL RESULTS
Brigham expects net daily production volumes to average a record 23
million cubic feet of equivalent natural gas (MMcfe) during the first quarter
2001, an increase of 35% from the first quarter 2000 and up 25% from the fourth
quarter 2000. This anticipated growth is attributable primarily to the addition
of several wells during the quarter that were completed late in Brigham's 2000
drilling program, including a Hunton producer in its Anadarko Basin province and
a Frio well in its Texas Gulf Coast province. Natural gas and oil sales for the
quarter are expected to be approximately $6.5 million (after giving effect to
over $6 million in commodity price hedge settlements), and earnings before
interest, taxes, depreciation, depletion and amortization (EBITDA) is forecast
to exceed $4 million. As a result, operating cash flow is expected to equal
approximately $3 million for the quarter ($0.15 per diluted share). Brigham
expects to report a net loss to common shareholders of $700,000 ($0.05 per
diluted share), excluding any non-cash charges associated with (1) changes in
the fair market value of certain hedging contracts and (2) charges related to
compensation expense related to accounting requirements of FASB Interpretation
No. 44.
Brigham plans to issue a press release regarding its first quarter 2001
operational results after the close of market trading on Monday, April 16th, and
its financial results after the close of market trading on Wednesday, May 9th.
Brigham management will host a conference call to discuss Brigham's financial
and operational results for the first quarter with investors, analysts and other
interested parties on Thursday, May 10th, at 9:00 am Central time. Details
regarding the upcoming conference call will be included in a subsequent press
release.
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 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.
Contact: Curtis F. Harrell, Executive Vice President and Chief Financial Officer
(512) 427-3300 / investor@bexp3d.com