Independent oil and natural gas exploration, development, and production company Brigham Exploration Co. has priced its offering of 14,000,000 shares of common stock at a public offering price of $18 per share.
Net proceeds from the offering will be used primarily to fund an acceleration of Brigham's development drilling program on its core 161,900 net acres in the Williston Basin. Late in 2009, after Brigham Exploration Co.'s operated Brad Olson 9-16 #1H produced roughly 2,112 (boe/d) from the Bakken formation during an early 24 hour flow back period, the company put together a plan to accelerate its drilling program in the Williston Basin.
The company hopes to drill 24 net horizontal wells, including 21 net operated wells and three net non-operated wells, in 2010, which will target both the Bakken and Three Forks objectives.
See Don Stowers' December 2008 interview with Ben M. Brigham, chairman, president, and CEO of Brigham Exploration Co.
In connection with the offering, Credit Suisse Securities (USA) LLC and Jefferies & Co. Inc. are acting as joint book-running managing underwriters and Johnson Rice & Co., Raymond James, RBC Capital Markets, Tudor, Pickering, Holt & Co., Howard Weil Inc. and Thomas Weisel Partners LLC are acting as co-managing underwriters for the offering.
Brigham has granted the underwriters a 30-day option to purchase up to 2,100,000 additional shares to cover over-allotments, if any.
The offering is scheduled to close April 13, 2010.
