EXHIBIT 99.1
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NEWS RELEASE
FOR IMMEDIATE RELEASE
BRIGHAM
EXPLORATION COMPANY
BRIGHAM EXPLORATION PROVIDES OPERATIONAL UPDATE FOR THE THIRD QUARTER 2002
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Austin, TX - November 4, 2002 -- Brigham Exploration Company (NASDAQ:BEXP)
today provided an operational update for the third quarter 2002.
GULF COAST FRIO TREND
Providence Field - Brigham has begun building location, and expects to
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commence drilling later this week on the Matthes-Huebner #1, its fourth well in
the field. The Matthes-Huebner #1 is an offset to the discovery well for the
field, the Staubach #1, and is also expected to test an analogous seismic bright
spot in the shallower sand interval that was found productive in the recently
completed Huebner #1. Brigham operates and retains a 38% working interest in
the Matthes-Huebner #1 and results are expected by year-end.
As previously announced, Brigham retained a 34% working interest in the
Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) operated Huebner #1, which was
successfully completed in the Lower Frio at a rate of approximately 6.1 MMcf of
natural gas and 2,230 barrels of oil (19.5 MMcfe) per day, or 4.9 MMcfed net to
Brigham's 25% revenue interest. Production to sales is expected to begin by
November 15th.
The Providence Field is currently producing approximately 14 MMcf of
natural gas and 3,500 barrels of oil (35.0 MMcfe) per day from the Staubach #1
and Burkhart #1R wells. In addition to the Matthes-Huebner #1, Brigham expects
to spud its fifth well in the Field by year-end.
Frio Exploration Discovery - As part of its ongoing Frio exploration
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program, Brigham recently completed the Carr #1, a Frio bright spot exploration
discovery in Brazoria County. Brigham operated and retained a 37% working
interest in the Carr #1, which tested at an initial rate of approximately 1.7
MMcf of natural gas and 50 barrels of oil (2.0 MMcfe) per day, or approximately
0.6 MMcfed net to Brigham's 30% revenue interest. Brigham expects to begin
producing the well to sales within the next ten days.
GULF COAST VICKSBURG TREND
Home Run & Triple Crown Fields - Brigham operates and retained a 34%
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working interest in the Palmer #3ST, a successful sidetracking operation to
complete several pay intervals that were not effectively produced in the
previously drilled Palmer #3. The Palmer #3ST was commingled and began
producing to sales in mid-October at an initial rate of approximately 5.0 MMcf
of natural gas and 240 barrels of oil per day (6.4 MMcfed), or 1.9 MMcfed net to
Brigham's 29% revenue interest. As previously announced, Brigham successfully
completed the Palmer #5R, its seventh successful Home Run Field well. The
Palmer #5R began producing to sales at a rate of approximately 9.0 MMcf of
natural gas and 520 barrels of oil per day (12.1 MMcfed), or approximately 3.2
MMcfed net to Brigham's 26% revenue interest. Brigham plans to commence
drilling an additional Home Run Field well by year-end.
Adjacent "Floyd" Fault Block Test - The D.J. Sullivan #8 recently began
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drilling potential Vicksburg pay intervals below the intermediate casing at a
depth of approximately 10,800 feet. The well subsequently encountered
encouraging drilling shows, and is currently drilling at a depth of
approximately 11,350 feet with a targeted total depth of approximately 13,200
feet. The D.J. Sullivan #8 is a test of one of several fault blocks intermediate
to the Home Run and Triple Crown Fields. Brigham retains a 34% working interest
in this well, which could prove up significant reserve potential in both the
Upper and Lower Vicksburg intervals. The D.J. Sullivan #8 should reach its total
depth within a week, with potential test results expected later this month.
EXHIBIT 99.1
ANADARKO BASIN HUNTON TREND
Mills Ranch Field Development Well - Brigham's first development well in
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its Mills Ranch Field is currently drilling at a depth of approximately 18,400
feet, and recently encountered encouraging drilling shows in the Granite Wash
section. The company operates and retains a 63% working interest in the well,
which should reach its projected total depth of 23,500 feet in the Hunton
formation by year-end. If successful, at least one additional development well
could be required to fully develop the field.
FIRST NINE MONTHS 2002 OPERATIONAL STATISTICS
Brigham spud 19 wells during the first nine months of 2002 in which it
retained an average working interest of 33%. Fifteen of these wells have been
completed, two are currently drilling, and one additional well commenced since
the end of the third quarter. Brigham has achieved a gross completion rate of
88% and a net completion rate of 82% thus far in its 2002 drilling program.
Production volumes averaged 28.9 MMcfe per day for the third quarter 2002, up 6%
from 27.3 MMcfe per day in the second quarter 2002, despite no material
production impact from the recent Huebner #1, Palmer #5R, Palmer #3ST and Carr
#1 completions.
MANAGEMENT COMMENTS
Bud Brigham, the Company's Chairman, CEO and President, stated, "Our
drilling program continues to generate strong results, over the last several
years, we've completed 36 wells in 41 recent attempts in our five focus plays.
Although the drilling activity at our Providence Field is slower than we would
like, these wells are providing low finding costs with rapid payouts and
remarkable rates of return. With two wells producing to sales, and hopefully
three more on line by the first quarter, this field is just beginning to impact
our production volumes and cash flow."
Mr. Brigham further stated, "Given that our 2002 drilling program started
slowly, but was recently accelerated, only approximately 30% of our estimated
$20 million in 2002 drilling expenditures impacted our third quarter production
volumes. Therefore, we've achieved sequential quarterly growth in production
volumes thus far in 2002 with the majority of our program still in front of us.
Our recent completions, the Palmer #5R, Palmer #3ST, Carr #1 and Huebner #1,
will at least partially impact our fourth quarter, contributing to what should
be another record year for production volumes and cash flow in 2002. Combining
the wells currently completing with the wells we're currently drilling or will
soon be drilling, including two additional Providence Field Frio wells, our
Floyd fault block test in the Vicksburg, and our Mills Ranch Hunton development
well, provides our shareholders with an even more exciting outlook for the first
quarter of 2003."
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