Brigham Exploration announces discoveries in Louisiana and Montana

Jun 02, 2008 02:00 AM

Brigham Exploration announced the successful completion of two additional Vicksburg wells, and as a result its Vicksburg net production is approaching record levels.
Brigham also announced its second consecutive successful Williston Basin Red River well, and that full production has resumed on schedule in its Bayou Postillion Project in Southern Louisiana. Finally, Brigham announced that it has increased its senior credit facility borrowing base from $ 101 mm to $ 135 mm.

South Texas Vicksburg
Brigham has successfully completed the Sullivan F-35 in its Triple Crowne Field at an initial rate of approximately 6.8 mm cfpd. The Sullivan F-35 is a Dawson Sand completion. The successful completion of the F-35 has added two additional proved undeveloped locations. There currently is an existing inventory of 52 proved, probable and possible locations.
Brigham also successfully completed the Sullivan C-39 in its Home Run Field, at an initial rate of approximately 3.9 mm cfpd. The Sullivan C-39 was completed in the Vicksburg 8 and Lower Vicksburg 7 intervals. The best apparent pay, in the Vicksburg 6 and Upper 7 intervals, remains behind pipe for future completion.

Finally, Brigham recompleted the Sullivan F-33 in its Triple Crowne Field at an initial rate of approximately 3.5 mm cfpd. The Sullivan F-33 was recompleted to the 9800' and Loma Blanca sands, which were behind pipe. The Dawson Sand, which lies below the 9800' and Loma Blanca Sands, will be commingled in the near future.
Bud Brigham, the Chairman, President and CEO stated, "Despite our eight month gap in our Vicksburg rig line, our three 2008 Vicksburg completions and our Sullivan F-33 recompletion have driven our current net Vicksburg production to roughly 20 mm cfpd. In January 2007, we set a record monthly average rate of approximately 20 mm cfpd. Furthermore, our recent drilling success has added two additional proved undeveloped locations to our already expansive Vicksburg drilling inventory."

Southern Louisiana
Full production has resumed on schedule at Brigham's Bayou Postillion Project, where the Cotten Land #1, Cotten Land #3 and Marie Snyder #1 are now producing approximately 29.6 mm cf gross, or roughly 6.5 mm cfpd day net to Brigham's interest. Production for the Cotten Land #1 and Cotten Land #3 was shut in from April 18th to May 19th due to high water flooding in the Atchafalaya Basin.
In July Brigham plans to commence the Cotten Land #5, a twin offsetting the Cotten Land #3, which commenced production at approximately 27 mm cfpd from approximately 30 feet of pay, and which is currently producing approximately 12.5 mm cfpd. The Cotten Land #5 targets 50 feet of apparent pay that is behind pipe immediately above the currently producing zone in the Cotten Land #3. Results are expected in September.

Southern Louisiana Joint Venture
Brigham has commenced drilling the first of six Southern Louisiana joint venture wells.
The five prospects planned for 2008 target 3-D delineated, primarily amplitude related prospects at depths of 7,100 to 10,800 feet in Plaquemines and Saint Bernard Parishes.

Williston Basin
Brigham successfully drilled and is currently completing the Richardson 30 #1, the company's second consecutive apparent Red River discovery. Brigham's previous discovery, the Richardson 25 #1, commenced production at an initial rate of approximately 254 barrels of oil equivalent per day in late December, 2007, has produced approximately 25,500 barrels of oil equivalent, and is currently producing roughly 135 barrels of oil per day.
Both wells were drilled and completed on budget at a cost of approximately $ 2.6 mm each. Brigham operates both the Richardson 25 #1 and the Richardson 30 #1 wells, with Northern Oil and Gas participating with a 9.9 % and 12.5 % working interest, respectively. Northern's working interest increases after payout in each well.

Bud Brigham stated, "We drilled our first Red River discovery in this area in 1997, which to datehas produced over 276,000 barrels of oil equivalent, and which should ultimately produce over 330,000 barrels of oil equivalent. We resumed our Red River drilling late last year with our Richardson 25 #1 discovery, and based on drill stem production tests the Richardson 30 #1 appears to be another successful Red River well."
"The Richardson 30 #1 further validates the utilization of the key seismic attributes we've developed to explore for the Red River. We control roughly 100,000 net acres in eastern Montana that is prospective for the Red River, Bakken and other objectives. We have grown our Montana 3-D seismic inventory to roughly 214 sq miles, with additional 3-D acquisitions planned. As a result, we have a growing inventory of 16 prospects and leads targeting the Red River."

Bakken Activity, Mountrail County, North Dakota
Brigham has fracture stimulated the Manitou State 36 #1H and has just initiated the flow back process. The Manitou State 36 #1H is our third well in our Ross area and is approximately one mile northeast of the Hynek 2 #1H. After successfully drilling the Johnson 33 #1H and installing the lateral liner with swell packers, Brigham expects to fracture stimulate the well in early June.
The Johnson 33 #1H is located in the North Stanley area, which is surrounded by drilling activity and permits by other operators. Results for the Johnson 33 #1H are expected in mid- to late-June.

Subsequent to the Johnson 33 #1H, Brigham is drilling the Carkuff 22 #1H, which is a west offset to the Bakken 23 #1H producing well. Brigham is currently drilling at a depth of 8,950 feet. The next well anticipated to be drilled is the Anderson 28 #1H, which is southwest of the Bakken 23 #1H. The Anderson 28 #1H is approximately five miles to the north of the Fidelity Fladeland 11-21H well, which reportedly commenced production at an early rate of approximately 900 barrels of oil per day.
In June, Brigham expects that its first non-operated well proximal to EOG's recent high rate Austin completions will commence drilling operations. Brigham expects to retain a 25 % working interest in the south offset to the EOG Austin 8-26H, which commenced production at an initial rate of 3,060 barrels of oil per day.

Bud Brigham stated, "We've just begun the flow back of the Manitou State 36 #1H, and… we anticipate fracture stimulating the Johnson 33 #1H. The Johnson 33 #1H is an important extensional test as it is the northernmost Mountrail County Bakken well we've drilled to date. If successful, it could substantially de-risk the approximately 5,800 net acres that we hold in the area."
"We're also looking forward to this month's planned commencement of the first of what should be numerous Austin township wells. Wells in township 154 North, range 90 West have been some of the most prolific producers in Mountrail County and we look forward to the positive impact these wells will likely have on our production volumes and cash flow."

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