EXHIBIT 99.1
[GRAPHIC OMITED]
BRIGHAM NEWS RELEASE
EXPLORATION COMPANY FOR IMMEDIATE RELEASE
BRIGHAM EXPLORATION ANNOUNCES DEEP FRIO DISCOVERY, CONTINUED DEVELOPMENT SUCCESS
AT HOME RUN FIELD AND OPERATIONS UPDATE
================================================================================
Austin, TX -- (Business Wire) - January 16, 2002 -- Brigham Exploration Company
(NASDAQ:BEXP) today announced the successful completion of the discovery well
for its Providence Field in Matagorda County, Texas, the successful completion
of two development wells in Home Run Field and the spud of its second
development well at Triple Crown Field in Brooks County, Texas.
PROVIDENCE FIELD , MATAGORDA COUNTY, TEXAS
During the fourth quarter of 2001, Brigham successfully drilled and completed a
Frio test targeting a large structure with multiple potential pay sands.
Brigham operated and retained a 41% working and 31% net revenue interest in the
Staubach #1, which reached total depth in mid-December and encountered
approximately 36 feet of net pay in the over-pressured Frio sand section. Other
participants include Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) with a 35% working
interest, Aspect Energy LLC with a 7% working interest, and Samedan Oil with a
7% working interest. The well was recently perforated and tested at 2.2 MMcf of
natural gas and 1,368 barrels of oil (10.4 MMcfe) per day with flowing tubing
pressure of 6,670 psi, and is expected to begin producing to sales in February
2002. Brigham is currently considering various development drilling options,
including the spud of an offset well some time late in the first quarter 2002.
HOME RUN & TRIPLE CROWN FIELDS, BROOKS COUNTY, TEXAS
In late November Brigham began producing to sales the Sullivan C-27 (34%
working interest, 25% net revenue interest) at 11.3 MMcf of natural gas and 506
barrels of condensate (14.3 MMcfe) per day with 5,690 psi flowing tubing
pressure. In addition, Brigham is currently completing the Sullivan C-28 (34%
working interest, 25% net revenue interest), which reached total depth in late
December and encountered comparable Lower Vicksburg pay sands to that found in
the Sullivan C-27 well. Brigham anticipates full commingled production from
the Sullivan C-28 in February 2002.
In its Triple Crown Field, Brigham's first development well, the Sullivan
#1 (50% working interest, 37.5% net revenue interest) encountered the objective
Upper & Lower Vicksburg sands approximately 200 feet structurally low to the
Dawson #1 discovery well with diminished reservoir quality sands, thus its
performance has been disappointing. However, the second development well in the
field, the Sullivan F-31 (42% working interest, 31% net revenue interest), is
expected to test the same interval found productive in the Dawson #1 discovery
well at a structural position approximately 140 feet high to the Dawson #1 and
approximately 340 feet high to the Sullivan #1. The Sullivan F-31 is currently
drilling at a depth of approximately 9,200 feet, and is expected to reach total
depth in February 2002.
FOURTH QUARTER 2001 OPERATIONAL UPDATE
Brigham spud 5 wells during the fourth quarter in which it retained an
average working interest of 25%. Three of these wells have been completed or are
completing, one has been plugged and one is currently drilling. For all wells in
Brigham's 2001 drilling program, 26 have been completed or are completing, 6
have been plugged and one is currently drilling. As a result, Brigham has
achieved an 81% average gross completion rate and an 89% average net completion
rate thus far in its 2001 drilling program.
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MANAGEMENT COMMENTS
Bud Brigham, the Company's Chairman, CEO and President, stated, "We're very
excited about our Providence Field discovery. Like prior discoveries, including
the 1999 Home Run Field, the 2000 Mills Ranch Field, and the 2001 Triple Crown
Field, the Providence Field should provide our Company with development drilling
opportunities for several years to come."
Bud Brigham further stated, "Our Triple Crown and Providence Field
discoveries did not impact our 2001 production volumes, and yet we were still
able to grow our 2001 production volumes by approximately 50% over production
volumes in 2000. However, Triple Crown and Providence Fields should both have a
material impact on our production volumes in 2002. We are particularly
encouraged by the strong test rates generated by Staubach #1, as well as the
high production rates we've achieved with our other recent Frio discoveries.
Given these field discoveries, and our other 2001 drilling successes, we are
confident that 2002 will continue to provide our shareholders with value added
growth in production volumes and cash flow."
ABOUT BRIGHAM EXPLORATION
Brigham Exploration Company is a leading 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 STATEMENT 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: John Turner, Manager of Finance and Investor Relations
(512) 427-3300 / investor@bexp3d.com
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BRIGHAM EXPLORATION COMPANY
DRILLING ACTIVITY BY REGION
Q4 2001 Full Year 2001
--------------------- ---------------------
Gross Net WI% Gross Net WI%
------ ------ ----- ------ ------ -----
ANADARKO BASIN Wells Completed 1 0.04 4.0% 11 2.97 27.0%
P&A Wells 1 0.03 3.0% 2 0.07 3.5%
Wells Drilling 0 0.00 0.0% 0 0.00 0.0%
------ ------ ----- ------ ------ -----
Total Wells Spud 2 0.07 3.5% 13 3.04 23.4%
====== ====== ===== ====== ====== =====
Completion Rate 50.0% 57.1% 84.6% 97.7%
GULF COAST Wells Completed 2 0.75 37.5% 12 4.44 37.0%
P&A Wells 0 0.00 0.0% 2 0.43 21.5%
Wells Drilling 1 0.42 42.0% 1 0.42 42.0%
------ ------ ----- ------ ------ -----
Total Wells Spud 3 1.17 39.0% 15 5.30 35.3%
====== ====== ===== ====== ====== =====
Completion Rate 100.0% 100.0% 85.7% 91.2%
WEST TEXAS Wells Completed 0 0.00 0.0% 3 2.55 85.0%
P&A Wells 0 0.00 0.0% 2 0.79 39.5%
Wells Drilling 0 0.00 0.0% 0 0.00 0.0%
------ ------ ----- ------ ------ -----
Total Wells Spud 0.00 0.00 0.0% 5 3.34 66.8%
====== ====== ===== ====== ====== =====
Completion Rate 0.0% 0.0% 60.0% 76.4%
OVERALL Wells Completed 3 0.79 26.3% 26 9.97 38.4%
P&A Wells 1 0.03 3.0% 6 1.30 21.7%
Wells Drilling 1 0.42 42.0% 1 0.42 42.0%
------ ------ ----- ------ ------ -----
Total Wells Spud 5 1.24 24.8% 33 11.68 35.4%
====== ====== ===== ====== ====== =====
Completion Rate 75.0% 96.3% 81.3% 88.5%
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