Exhibit 99.1
BRIGHAM EXPLORATION REPORTS YEAR END RESULTS INCLUDING RECORD 2005
FINANCIAL RESULTS
AUSTIN, Texas, Feb. 21 /PRNewswire-FirstCall/ -- Brigham Exploration
Company (Nasdaq: BEXP) today announced its financial results for the
fiscal year and quarter ended December 31, 2005 and its year-end reserve
numbers.
Highlights from our performance from the fourth quarter of 2005 and full
year 2005 include:
* 20% growth in fourth quarter production to 40.8 MMcfe per day over
fourth quarter 2004 production;
* 42% growth in operating income to $46.8 million over operating income in
2004 of $32.8 million;
* 40% growth in net income to $27.4 million over net income of net income
of $19.7; and,
* Reserve additions, net of revisions, for 2005 replaced 200% of our 2005
production.
YEAR-END 2005 RESULTS
Average net daily production volumes for 2005 were 33.1 MMcfe compared to 34.1
MMcfe in 2004. Revenues from the sale of oil and natural gas, net of hedging,
for 2005 grew 35% to $96.8 million compared to $71.7 million in 2004. A $2.25
per Mcfe increase in the sales price we received for oil and natural gas
combined with a decrease in hedging losses increased our revenue from the sale
of oil and natural gas by $27.2 million and $520,000, respectively. These
increases were partially offset by a $2.6 million decrease in revenue due to
lower production.
Our average realized prices for 2005 were $51.95 per barrel for oil and $7.97
per Mcf for natural gas, compared to $35.17 for oil and $5.84 for natural gas in
2004. Our average realized price for 2005 includes losses from the cash
settlement of hedging transactions of $2.78 per barrel for oil and $0.32 per Mcf
for natural gas compared to $4.96 for oil and $0.21 for natural gas in 2004.
Our production costs, which includes costs for operating and maintaining (O&M
expense) our producing wells, ad valorem taxes and production taxes, were up 13%
in 2005 and on a unit basis were up 17%. Approximately 44% or $480,000 of the
increase in our 2005 O&M expenses was related to new wells that began producing
during 2005. Increases in costs for compressor rental and maintenance, saltwater
disposal, overhead fees, contract labor, equipment rental, pumping services,
water treating and miscellaneous operating expenses were the primary reasons for
the remainder of the increase in our 2005 O&M expenses. Higher commodity prices
resulted in a 35% increase in our ad valorem taxes and an 8% increase in our
production taxes. Our 2005 production tax expense includes a $1.6 million
production tax credit related to severance tax refunds received during the year
on 16 wells. The higher production costs were partially offset by a decrease in
workover expense.
Our general and administrative expenses increased by $141,000 or 3% from 2004 to
2005. General and administrative expenses for 2005 included a $147,000 increase
in employee compensation and benefit expense and $447,000 of bad debt expense to
account for the potential non-payment of a receivable. Additional items that led
to higher general and administrative expenses for the 2005 were increases in
contract and professional fees and corporate insurance. Partially offsetting
these increases were a decline in legal and office rent expense. Due to these
higher costs combined with lower production, our general and administrative
expenses on a unit basis increased 5% in 2005 to $0.46 per Mcfe.
Depletion of oil and natural gas properties for 2005 was $33.3 million ($2.79
per Mcfe) compared to $23.8 million ($1.94 per Mcfe) in 2004. Approximately
$10.2 million of the increase in our depletion expense for 2005 was due to an
increase in our depletion rate. This increase in depletion expense was partially
offset by a $733,000 decrease in depletion expense due to lower production
volumes. Our 2005 depletion rate increased as a result of the higher cost of
proved reserves additions in 2005 than has been the case in prior years.
Our net interest expense for 2005 was $4 million. The 27% increase in interest
expenses was primarily due to an increase in our weighted average debt
outstanding for 2005 combined with a higher interest rate that we paid on those
outstanding borrowings due to an increase in Libor. Our weighted average debt
outstanding for 2005 and 2004 was $80.2 million and $56.4 million, respectively.
We recorded deferred income tax expense of $15 million in 2005 compared to
deferred income tax expense of $10.9 million in 2004. Net income for 2005 was
$27.4 million ($0.63 diluted earnings per share) compared to net income of $19.7
million ($0.47 diluted earnings per share) in 2004.
Our capital expenditures for oil and natural gas activities for 2005 were 36%
higher than 2004. Our capital expenditures for oil and natural gas activities in
2005 and 2004 were:
Twelve Months Ended
December 31,
---------------------------
2005 2004
------------ ------------
(in thousands)
Drilling $ 90,873 $$ 68,205
Land and seismic 19,641 12,993
Capitalized costs 6,789 5,714
Capitalized FAS 143 ARO 1,324 513
Total capital expenditures $ 118,627 $ 87,425
FOURTH QUARTER 2005 RESULTS
Our net daily production volumes for the fourth quarter 2005 were 40.8 MMcfe, up
20% when compared to our volumes in last year's fourth quarter. Revenues from
the sale of oil and natural gas for the fourth quarter 2005 were up 85% when
compared to the fourth quarter last year. A $3.64 per Mcfe increase in the
average sales price we received from the sale of our oil and natural gas and the
increase in our fourth quarter 2005 production volumes increased our fourth 2005
revenue by $13.6 million and $4 million, respectively. These increases were
partially offset by a $783,000 decrease in revenues due to an increase in losses
associated with the cash settlement of hedges.
Our average realized prices for the fourth quarter 2005 were $57.71 per barrel
for oil and $10.02 per Mcf for natural gas, compared to $41.19 for oil and $6.30
for natural gas in 2004. Our average realized prices for the fourth quarter 2005
include losses from the cash settlement of cash flow hedging transactions of
$0.95 per barrel for oil and $0.71 per Mcf for natural gas compared to $6.65 for
oil and $0.26 for natural gas in 2004.
Our production costs for the fourth quarter 2005 were 39% higher and on a unit
basis were 16% higher than our production costs in the fourth quarter last year.
Our O&M expenses for the fourth quarter 2005 were up 9% when compared to the
fourth quarter last year. O&M expenses associated with new wells that were not
producing in last year's fourth quarter were $234,000 and were the primary
reason for this increase. Higher commodity prices resulted in a 29% increase in
our ad valorem taxes and a 115% increase in our production taxes. Our production
tax expense for the fourth quarter 2005 includes a $552,000 production tax
credit related to severance tax refunds received during the quarter on four
wells.
Our general and administrative expenses for the fourth quarter 2005 increased by
$145,000 or 9% when compared to our general and administrative expenses in the
fourth quarter of last year. General and administrative expenses for the fourth
quarter 2005 included a $67,000 increase in employee compensation and benefit
expense and $447,000 of bad debt expense to account for the potential
non-payment of a receivable. Due to an increase in production volumes, our
general and administrative expenses on a unit basis decreased 9% when compared
to last year's fourth quarter, to $0.49 per Mcfe.
Our depletion expense for the fourth quarter 2005 was $11.7 million ($3.17 per
Mcfe) compared to $7.3 million ($2.39 per Mcfe) in the fourth quarter last year.
An increase in our fourth quarter 2005 depletion rate represented 67% of this
change, while higher production volumes represented the remaining 33% of the
increase in our depletion expense. Our depletion rate increased as a result of
the higher cost of proved reserves additions than has been the case in prior
periods.
Our net interest expense for the fourth quarter of 2005 was $1.3 million
compared to $636,000 in the fourth quarter of 2004. The $699,000 increase in our
net interest expense was primarily due to an increase in the amounts borrowed
under both our senior and subordinated credit agreements combined with an
increase in the interest rate that we paid on those borrowings due to an
increase in Libor. Our weighted average debt outstanding for the fourth quarter
2005 was $91.9 million compared to $53.6 million last year.
We recorded deferred income tax expenses of $6.5 million in the fourth quarter
of this year, compared deferred income tax expenses of $3.7 million in the
fourth quarter last year. We reported net income of $11.9 million ($0.26 per
diluted share) for the fourth quarter 2005 versus net income of $5.1 million
($0.12 per diluted share) for the prior year period.
Our capital expenditures for oil and natural gas activities for the fourth
quarter 2005 were up 46% when compared to last year's fourth quarter. Our net
capital expenditures for oil and natural gas activities in the fourth quarter
of 2005 and 2004 were:
Three Months Ended
December 31,
---------------------------
2005 2004
------------ ------------
(in thousands)
Drilling $ 24,701 $$ 19,496
Land and seismic 6,887 2,278
Capitalized costs 1,211 1,261
Capitalized FAS 143 ARO 1,080 120
Total capital expenditures $ 33,879 $ 23,155
FULL YEAR 2006 AND FIRST QUARTER 2006 FORECAST
The following forecasts and estimates of our full year 2006 production volumes
and first quarter 2006 results are forward looking statements subject to the
risks and uncertainties identified in the "Forward Looking Statements
Disclosure" at the end of this release.
In addition to providing guidance for the first quarter 2006, we have elected to
provide full year production guidance for 2006. We currently expect to grow
production volumes in 2006 by 10% to 25% relative to our 2005 production. This
would result in average daily production of between 36.4 and 41.4 MMcfe per day
(79% natural gas) for 2006.
We currently expect first quarter 2006 production volumes to average between 35
and 37 MMcfe per day (79% natural gas). For the first quarter 2006, lease
operating expenses are projected to be $0.65 per Mcfe, production taxes are
projected to be approximately 5.5% of pre-hedge oil and natural gas revenues,
and general and administrative expenses are projected to be $1.3 million ($0.42
to $0.40 per Mcfe). Based on these production and cost estimates and assuming
average NYMEX prices of $9.04 per MMBtu for natural gas and $63.00 per barrel
for oil, and taking into account our current outstanding derivative contracts,
we forecast that our first quarter revenue will be between $27.4 and $29 million
and operating income will be between $12.2 and $13.1 million.
MANAGEMENT COMMENTS
Gene Shepherd, Brigham's Chief Financial Officer, commented, "Our strong
sequential production growth in the fourth quarter of 27% to 40.8 Mmcfe per day
was the confirmation of the strong drilling results that we had announced in the
second and third quarters of 2005. Furthermore, as we exit 2005 at record
production levels, we are also encouraged by the success we have had in
controlling our costs, with only moderate increases in operating and overhead
costs. The combination of strong commodity prices, production growth and our
ability to control our costs in a difficult cost environment all contributed to
record revenue and operating income. Furthermore, we exited 2005 with one of the
strongest balance sheets that we have had in the company's history. The
company's strong underlying financial performance and its strong balance sheet
should allow it to continue to benefit from Brigham's large and growing
inventory of exploration and development prospects in this outstanding commodity
price environment."
2005 PROVED RESERVES
Our estimated net proved reserves volumes at December 31, 2005 totaled 133.2
Bcfe. Our estimated net proved developed reserves at December 31, 2005 totaled
68.1 Bcfe and our net proved undeveloped reserves totaled 65.1 Bcfe. During
2005, we added approximately 23.8 Bcfe in total proved reserves in our Texas
Gulf Coast, Anadarko Basin and West Texas 3-D seismic projects and replaced 200%
of the 11.9 Bcfe of reserves volumes we produced during the year. Our 2005
reserves additions included 20.1 Bcfe of extensions, discoveries and other
additions and 4.4 Bcfe of purchases of reserves in place which were partially
offset by 0.7 Bcfe of revisions to prior estimates. Approximately 85% of our
year-end 2005 reserve volumes were natural gas.
At year-end 2005, the standardized measure and the pre-tax present value
("Pre-tax PV-10% Value") of our estimated proved reserves were $396.3 million
and $519.8 million, respectively. This compares to $239.7 million and $294.5
million at the end of 2004. For 2005, these measures were calculated using a
West Texas Intermediate Sweet price of $61.04 per barrel and a Henry Hub natural
gas price of $9.44 per MMBtu versus last year which used a West Texas
Intermediate Sweet price of $ 43.46 per barrel and a Henry Hub natural gas price
of $6.19 per MMBtu.
Equivalent
Reserves
(MMcfe)
----------
2005 Beginning Reserves 121,291
Extensions, discoveries & other additions 20,059
Revisions of prior estimates (661)
Purchase of reserves in place 4,444
Production (11,913)
2005 Ending Reserves 133,220
MANAGEMENT COMMENTS
Bud Brigham, Brigham's CEO and President, commented, "During 2005, approximately
52% of our drilling capital was spent on development drilling, which went very
well, as evidenced by our substantial ramp up in production during the fourth
quarter. Proved undeveloped wells received approximately 29% of our drilling
capital, and these are wells that were already in our reserve report. Despite
this, we replaced roughly 200% of our production during the year."
Bud Brigham further stated, "Our most significant exploration discovery in 2005
was the Bouldin Lake Lower Frio Field, which was confirmed with the drilling of
the Grisham #1 late in the year. We are commencing the first of two 2006
development wells capitalizing on this discovery, and with success we could have
at least one additional well to drill. In prior years, our first year proved
reserves have only recognized a portion of the reserves that moved to the proved
category in subsequent years. Similarly, we believe that our 2005 Lower Frio
field discoveries, at Bouldin Lake and Appling Deep Southwest, provide us with
substantial probable and possible reserves that could become proved in
subsequent years."
CONFERENCE CALL INFORMATION
Brigham management will host a conference call to discuss its operational and
financial results for the fourth quarter and full year 2005 with investors,
analysts and other interested parties on Wednesday, February 22nd, at 9:00 a.m.
Central time. To participate in the call, participants within the U.S. please
dial 800-510-0219 and participants outside the U.S. please dial 617-614-3451.
The participant passcode for the call is 39617510. 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, March
22nd. 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 21483731. In addition, a live and archived web cast of the
conference call will be available over the Internet at either
http://www.bexp3d.com or http://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
Wednesday, February 22nd, 2006, will be available on our website. To access the
press release, go to http://www.bexp3d.com and click on News Releases. The file
with a copy of the press release is named Brigham Exploration Reports Year End
Results Including Record 2005 Financial Results and is dated February 21st,
2006. To access the other financial and statistical information that will be
covered by the conference call that will take place on February 22nd, 2006, go
to http://www.bexp3d.com and click on Event Calendar. The file with the other
financial and statistical information is named Financial and Statistical
Information for the Fourth Quarter 2005 Conference Call and is dated February
22nd, 2006.
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 http://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.
Contact:
John Turner
Director - Director of Finance & Business Development
(512) 427-3300
BRIGHAM EXPLORATION COMPANY
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
---------------------------- ----------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
(unaudited)
Revenues:
Oil and natural
gas sales $ 36,494 $ 19,738 $ 96,820 $ 71,713
Other 84 446 220 515
$ 36,578 $ 20,184 $ 97,040 $ 72,228
Costs and expenses:
Lease operating 2,012 1,811 7,161 6,173
Production taxes 1,444 673 3,353 3,107
General and
administrative 1,814 1,669 5,533 5,392
Depletion of oil
and natural gas
properties 11,656 7,336 33,268 23,844
Depreciation and
amortization 219 178 762 722
Accretion of
discount on ARO 54 42 180 159
$ 17,199 $ 11,709 $ 50,257 $ 39,397
Operating income $ 19,379 $ 8,475 $ 46,783 $ 32,831
Interest expense,
net (1,335) (636) (3,980) (3,144)
Interest income 92 29 245 84
Other income
(expense) (a) 275 901 (576) 742
Income before
income taxes $ 18,411 $ 8,769 $ 42,472 $ 30,513
Income tax expense (6,512) (3,673) (15,037) (10,863)
Net income $ 11,899 $ 5,096 $ 27,435 $ 19,650
Net income per share:
Basic $ 0.27 $ 0.12 $ 0.65 $ 0.49
Diluted $ 0.26 $ 0.12 $ 0.63 $ 0.47
Wt. avg. common
shares outstanding:
Basic 43,389 42,005 42,481 40,445
Diluted 45,233 43,151 43,728 41,616
(a) Includes non-cash
gains/(losses)
related to our
derivative
contracts: $ 181 $ 852 $ (814) $ 625
BRIGHAM EXPLORATION COMPANY
PRODUCTION, SALES PRICES AND OTHER FINANCIAL DATA
Three Months Ended Year Ended
December 31, December 31,
---------------------------- ----------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
(unaudited)
Avg. net daily
production:
Natural gas (MMcf) 32.7 25.8 25.6 24.5
Oil (Bbls) 1,344 1,375 1,250 1,590
Equivalent natural
gas (MMcfe) (6:1) 40.8 34.1 33.1 34.1
Total net production:
Natural gas (MMcf) 2,945 2,325 9,213 8,830
Oil (MBbls) 121 124 450 573
Equivalent natural
gas (MMcfe) (6:1) 3,673 3,067 11,913 12,265
% Natural gas 80% 76% 77% 72%
Sales prices (Before
hedging):
Natural gas
($/Mcf) $ 10.73 $ 6.56 $ 8.29 $ 6.05
Oil ($/Bbl) 58.66 47.84 54.73 40.13
Equivalent
natural gas
($/Mcfe) (6:1) 10.54 6.90 8.48 6.23
Realized prices
(Post hedging):
Natural gas
($/Mcf) (a) $ 10.02 $ 6.30 $ 7.97 $ 5.84
Oil ($/Bbl) (a) 57.71 41.19 51.95 35.17
Equivalent natural
gas ($/Mcfe)
(6:1) (a) 9.94 6.44 8.13 5.85
(a) Includes the
effects of hedging
gains (losses) of:
Natural gas
($/Mcf) $ (0.71) $ (0.26) $ (0.32) $ (0.21)
Oil ($/Bbl) (0.95) (6.65) (2.78) (4.96)
SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
---------------------------
2005 2004
------------ ------------
Assets:
Current assets $ 28,325 $ 20,994
Oil and natural gas properties, net
(using full cost method) 347,329 261,979
Other property and equipment, net 1,027 1,209
Other non-current assets 3,746 2,125
Total assets $ 380,427 $ 286,307
Liabilities and stockholders' equity:
Current liabilities $ 37,467 $ 40,494
Senior credit facility 33,100 21,000
Senior subordinated notes 30,000 20,000
Series A preferred stock, mandatorily redeemable 10,101 9,520
Deferred income taxes 23,563 9,031
Other non-current liabilities 4,556 2,986
Total liabilities $ 138,787 $ 103,031
Stockholders' equity 241,640 183,276
Total liabilities and stockholders' equity $ 380,427 $ 286,307
BRIGHAM EXPLORATION COMPANY
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
--------------------------- ---------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
(unaudited)
Cash flows from operating activities:
Net income $ 11,899 $ 5,096 $ 27,435 $ 19,650
Depletion, depreciation and
amortization 11,875 7,514 34,030 24,566
Accretion of discount on ARO 54 42 180 159
Interest paid through issuance
of additional redeemable
preferred stock - 188 581 726
Amortization of deferred loan fees 118 192 491 766
Market value adjustments for
derivatives instruments (181) (852) 814 (625)
Provision for doubtful accounts 456 - 456 -
Deferred income tax expense 6,512 3,673 15,037 10,863
Other non-cash items 31 - 134 -
Changes in working capital and
other items (6,447) 3,023 (14,779) 276
Cash flows provided by operating
activities $ 24,317 $ 18,876 $ 64,379 $ 56,381
Cash flows used by investing
activities (29,935) (23,162) (113,220) (84,645)
Cash flows (used) provided by
financing activities 3,720 (2,384) 50,535 24,766
Net increase (decrease) in
cash and cash equivalents $ (1,898) $ (6,670) $ 1,694 $ (3,498)
SUMMARY PER MCFE DATA
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
--------------------------- ---------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Revenues:
Natural gas and oil sales $ 9.94 $ 6.44 $ 8.13 $ 5.85
Other revenue 0.02 0.15 0.02 0.04
$ 9.96 $ 6.59 $ 8.15 $ 5.89
Costs and expenses:
Lease operating 0.55 0.59 0.60 0.50
Production taxes 0.39 0.22 0.28 0.25
General and administrative 0.49 0.54 0.46 0.44
Depletion of natural gas and oil
properties 3.17 2.39 2.79 1.94
Depreciation and amortization 0.06 0.06 0.06 0.06
Accretion of discount on ARO 0.01 0.01 0.02 0.01
$ 4.67 $ 3.81 $ 4.21 $ 3.20
Operating income $ 5.29 $ 2.78 $ 3.94 $ 2.69
Interest expense, net (a) (0.34) (0.20) (0.31) (0.25)
Other income (expense) (b) 0.03 0.02 0.02 0.01
Adjusted income $ 4.98 $ 2.60 $ 3.65 $ 2.45
(a) Calculated as interest expense minus interest income divided by production
for period.
(b) Excludes non-cash gains/(losses) arising from hedge accounting for certain
of our oil and natural gas hedges.
BRIGHAM EXPLORATION COMPANY
SUMMARY OF COMMODITY PRICE HEDGES OUTSTANDING AS OF FEBRUARY 21, 2006
(unaudited)
FY 2006
Hedge ------------------------------------------------- FY 2007
Strategy Q1 Q2 Q3 Q4 Q1
------------ ---------- ---------- ---------- ---------- ----------
Natural Gas Collars:
Daily volumes MMBtu/d - 8,242 6,848 7,935 8,333
Floor (Purchased put) $/MMBtu Cash flow - $ 8.000 $ 8.000 $ 8.000 $ 8.000
Cap (Written call) $/MMBtu Cash flow - $ 15.894 $ 15.950 $ 20.854 $ 23.512
Natural Gas Three
Way Costless Collars:
Daily volumes MMBtu/d 6,667 4,286 4,239 1,413 -
Floor (Purchased put) $/MMBtu Cash flow $ 8.490 $ 8.040 $ 8.040 $ 8.040 -
Cap (Written call) $/MMBtu Cash flow $ 10.840 $ 9.590 $ 9.590 $ 9.590 -
Written put $/MMBtu Undesignated $ 7.050 $ 6.650 $ 6.650 $ 6.650 -
Oil Collars:
Daily volumes Bbls/d 83 412 228 293 267
Floor (Purchased put) $/Bbl Cash flow $ 62.00 $ 52.11 $ 50.00 $ 50.00 $ 50.00
Cap (Written call) $/Bbl Cash flow $ 74.50 $ 75.34 $ 75.60 $ 77.50 $ 78.25
Oil Three Way
Costless Collars:
Daily volumes Bbls/d 200 82 163 - -
Floor (Purchased put) $/Bbl Cash flow $ 48.00 $ 63.00 $ 63.00 - -
Cap (Written call) $/Bbl Cash flow $ 60.70 $ 75.25 $ 75.65 - -
Written put $/Bbl Undesignated $ 38.00 $ 48.00 $ 48.00 - -
Note: Hedged volumes and prices reflected in this table represent average
contract amounts for the quarterly periods presented; natural gas hedge prices
and oil hedge contract prices are based on NYMEX pricing.
SOURCE Brigham Exploration Company
-0- 02/21/2006
/CONTACT: John Turner, Director - Director of Finance & Business
Development of Brigham Exploration Company, +1-512-427-3300/
/Web site: http://www.bexp3d.com /
(BEXP)