Brigham Exploration Announces Three High Rate Bakken Completions and Provides an Operational Update
AUSTIN, TX--(Marketwire - November 1, 2010)
Brigham Exploration Company (NASDAQ: BEXP) announced the completion of three high rate Bakken wells, including the Clifford Bakke 26-35 #1H and the Abelmann 23-14 #1H at early 24-hour peak flow back rates of approximately 5,061 and 4,169 barrels of oil equivalent, respectively. In total, Brigham has completed 39 consecutive high frac stage long lateral Bakken and Three Forks wells in North Dakota with an average early 24-hour peak flow back rate of approximately 2,777 barrels of oil equivalent. Brigham also provided an update on its drilling and completion activities in the Williston Basin.
Ross Project Area Update
In Mountrail County, North Dakota, Brigham announced the completion of the Clifford Bakke 26-35 #1H, which was completed with 38 fracture stimulation stages, at an early 24-hour peak flow back rate of approximately 5,061 barrels of oil equivalent (4,438 barrels of oil and 3.73 MMcf). The Clifford Bakke 26-35 #1H is located two miles to the east of the Anderson 28-33 #1H, which was completed in August 2009 with 24 fracture stimulation stages at an early 24-hour peak flow back rate of 2,154 barrels of oil equivalent. Based on publicly available information, the Clifford Bakke 26-35 #1H appears to represent the second highest initial production rate well in the Williston Basin and Brigham now has the first, second, third and fifth highest initial production rate wells in the basin. To date, Brigham has completed eight Ross project area long lateral Bakken wells at an average early 24-hour peak flow back rate of approximately 3,988 barrels of oil equivalent. Brigham maintains an approximate 43% working interest in the Clifford Bakke 26-35#1H. Also participating in the Clifford Bakke 26-35#1H is Lario Oil & Gas Company with an approximate 46% Working Interest.
Rough Rider Project Area Update
Record Rough Rider Bakken Completion -- In McKenzie County, North Dakota, Brigham announced the completion of the Abelmann 23-14 #1H at an early 24-hour peak flow back rate of 4,169 barrels of oil equivalent (3,745 barrels of oil and 2.55 MMcf). The Abelmann 23-14 #1H was completed with 33 frac stages and, based on publicly available information, appears to represent a record initial production rate well west of the Nesson Anticline. Brigham maintains an approximate 53% working interest in the Abelmann 23-14 #1H.
Rough Rider Increased Density Pilot Project -- In Williams County, North Dakota, Brigham is in the process of flowing back the Brad Olson 9-16 #2H, which is being completed with 32 fracture stimulation stages and represents Brigham's 40th long lateral high frac stage completion. Current flow back results indicate the early 24-hour peak flow back rate will be within the range of early 24-hour peak flow back rates for other Brigham operated Rough Rider wells. Brigham hopes to be able to provide an early 24-hour peak flow back rate on its 3rd quarter 2010 conference call tomorrow morning. Brigham maintains an approximate 56% working interest in the Brad Olson 9-16 #2H, with U.S. Energy Corp. (NASDAQ: USEG) as a working interest participant.
The Brad Olson 9-16 #2H represents Brigham's first infill test west of the Nesson Anticline. By monitoring frac wing performance of the well with a deployed micro-seismic array and monitoring continued well performance, Brigham hopes to delineate the potential to drill incremental infill wells beyond the currently envisioned three wells per spacing unit. If results indicate that four to six wells may be required to effectively drain spacing units, Brigham's de-risked Rough Rider drilling inventory could increase by approximately 120 to 360 net locations, which would represent a significant net asset value enhancement event. Subject to results, Brigham plans to commence additional increased density pilots in Rough Rider and Ross in the first half 2011, including four well density units.
Additional Rough Rider Completion -- Also in Williams County, North Dakota, Brigham announced the completion of the Smith Farm 23-14 #1H, which was completed with 32 fracture stimulation stages at an early 24-hour peak flow back rate of 2,417 barrels of oil equivalent. Brigham maintains approximate 82% working interest in the Smith Farm 23-14 #1H. Also participating in the Smith Farm 23-14 #1H is Lario Oil & Gas Company.
|