BEXP finds major oil in USEG land.
1,700 barrels per day x $70 oil = $119,000/day x 300 days = over $35M and thats just one area.
Brigham Exploration Announces BCD Farms 16-21 #1H Bakken Well Produces at Initial Rate of Approximately 1,776 BOEPD Press Release
Source: Brigham Exploration On 6:45 pm EST, Monday November 2, 2009 Companies: Brigham Exploration Co.Us Energy Corp.
AUSTIN, TX--(Marketwire - 11/02/09) - Brigham Exploration Company (NASDAQ:BEXP - News) announced that its operated BCD Farms 16-21 #1H produced approximately 1,776 barrels of oil equivalent per day from the Bakken formation during an early 24 hour flow back period. The BCD Farms 16-21 #1H was completed with 28 frac stages and is the sixth overall 18+ stage fracture stimulation completed by Brigham in the Williston Basin.
The BCD Farms 16-21 #1H was successfully fracture stimulated and the well produced approximately 1,553 barrels of oil and 1.34 MMcf of natural gas, or 1,776 barrels of oil equivalent, from the Bakken formation during a 24 hour period. Brigham maintains an approximate 24% working interest in the BCD Farms 16-21 #1H. Brigham's interest in the BCD Farms 16-21 #1H will increase upon payout of the first six wells in our Rough Rider drilling participation agreement.
The BCD Farms 16-21 #1H represents a significant producer for Brigham given that it is located in the far northwestern part of its Rough Rider acreage position in Williams County, North Dakota. The BCD Farms 16-21 #1H is approximately 13 miles to the northwest of Brigham's recent Brad Olson 9-16 #1H completion, and approximately 30 miles to the northwest of Brigham's Figaro 28-33 #1H completion. The Brad Olson 9-16 #1H and the Figaro 28-33 #1H had early 24 hour production rates of 2,112 and 1,895 barrels of oil equivalent, respectively.
Also in its Rough Rider project area, Brigham's Lee 16-21 #1H and Strand 16-9 #1H have both reached total depth and are scheduled to be fracture stimulated this month. Brigham recently added its third operated rig in the Williston Basin. The company is currently drilling the State 36-1 #1H and the Williston 25-36 #1H, and is preparing to spud the Jackson 35-34 #1H.
Bud Brigham, the Chairman, President and CEO, stated, "We're very excited with the strong early performance of the BCD Farms 16-21 #1H. We believe that it's confirming our interpretation of a continuous Bakken reservoir across our core Rough Rider acreage where we have approximately 100,000 net acres with the potential to drill three Bakken wells per 1280 acre spacing unit."
Bud Brigham continued, "The Brad Olson, BCD Farms, Lee, Strand, State and Williston wells represent the initial six wells to be drilled under our participation agreement with U.S. Energy Corp. (NASDAQ:USEG - News). Subsequent to drilling the Williston 25-36 #1H, in November we plan to move this rig to Mountrail County, North Dakota to drill horizontal Bakken and Three Forks wells within our Ross area. At that time, we'll have two rigs operating in Williams and McKenzie Counties, and one rig running in Mountrail County. We're also excited about the fact that our recently completed equity offering allows us the option to opportunistically add our fourth operated rig in the basin at some point in the first half of 2010."
About Brigham Exploration
Brigham Exploration Company is an independent exploration, development and production company that utilizes advanced exploration, drilling and completion technologies to systematically explore for, develop and produce domestic onshore oil and natural gas reserves. 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 within the meaning of the federal securities laws. Important factors that could cause our actual results to differ materially from those contained in the forward-looking statements include initial production rates which decline steeply over the early life of wells, our growth strategies, our ability to successfully and economically explore for and develop oil and gas resources, anticipated trends in our business� our liquidity and ability to finance our exploration and development activities� market conditions in the oil and gas industry� our ability to make and integrate acquisitions, the impact of governmental regulation and other risks more fully described in the company's filings with the Securities and Exchange Commission. Forward-looking statements are typically identified by use of terms such as "may," "will," "expect," "anticipate," "estimate" and similar words, although some forward-looking statements may be expressed differently. 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.