Brigham offers $250M in Senior Notes

Days after detailing its high rate Bakken completions, Brigham launches $250M senior notes offering

AUSTIN, TX - Brigham Exploration Co. (NASDAQ: BEXP) has launched an offering for $250 million of senior notes due 2018. The offering, which is subject to market availability as well as other conditions, will be made only to qualified institutional buyers and to buyers outside the US in compliance with Regulation S.

Brigham intends to use the net proceeds from the Senior Notes offering to purchase up to $160 million principal amount of its existing 9 5/8% senior notes due 2014 pursuant to a tender offer, to fund a portion of its 2011 capital budget and for general corporate purposes, including to redeem or otherwise acquire any remaining outstanding 2014 Notes not purchased pursuant to the tender offer. 

Shares of the company were down -0.2300 (-1.354%) at $16.76 Thursday morning. 

Historically, the company's exploration and development activities have been focused in the onshore Gulf Coast, the Anadarko Basin and West Texas. Beginning in 2005, Brigham began to acquire acreage within the Williston Basin in North Dakota and Montana. As of December 31, 2009 the company holds roughly 453,147 gross and 282,584 net leasehold acres in the Williston Basin. In late 2007, the majority of drilling capital expenditures shifted from historically active areas in the onshore Gulf Coast, the Anadarko Basin and West Texas to the Williston Basin, where the company is currently targeting the Bakken shale, Three Forks, and Red River formations. 

In early September, Brigham Exploration put out details of its recent high rate Bakken completions.

Source:  Brigham Exploration Co.

Related Articles

OXY to spin off California assets into separate company

02/14/2014

Occidental Petroleum Corp.’s (NYSE:OXY) board of directors has authorized the separation of Occidental’s California assets into an independent and separately traded company.

D-J Basin experts

02/01/2014

Synergy setting the standard for operating efficiency

TSX E&P spending up $3.5B

01/01/2014

Canadian oil and gas company CAPEX up from last year, but expect a quiet Q4

TGP awards backhaul capacity to serve Utica, Marcellus shales

12/18/2013 Tennessee Gas Pipeline Co. LLC (TGP), a subsidiary of Kinder Morgan Energy Partners LP, has completed a successful open season for incremental, north to south natural gas transportation capacity on...

Is the Tuscaloosa Marine Shale the next Bakken? - Part 2

11/20/2013 The potential for the TMS to become the next big thing in US oil production is attracting exploration and production companies willing to put some money at risk in the hope of big payoffs. In this ...

More Oil & Gas Financial Articles

OXY to spin off California assets into separate company

Fri, Feb 14, 2014

Occidental Petroleum Corp.’s (NYSE:OXY) board of directors has authorized the separation of Occidental’s California assets into an independent and separately traded company.

D-J Basin experts

Sat, Feb 1, 2014

Synergy setting the standard for operating efficiency

TSX E&P spending up $3.5B

Wed, Jan 1, 2014

Canadian oil and gas company CAPEX up from last year, but expect a quiet Q4

TGP awards backhaul capacity to serve Utica, Marcellus shales

Wed, Dec 18, 2013

Tennessee Gas Pipeline Co. LLC (TGP), a subsidiary of Kinder Morgan Energy Partners LP, has completed a successful open season for incremental, north to south natural gas transportation capacity on the TGP system totaling 500,000 dekatherms per day.

Is the Tuscaloosa Marine Shale the next Bakken? - Part 2

Wed, Nov 20, 2013

The potential for the TMS to become the next big thing in US oil production is attracting exploration and production companies willing to put some money at risk in the hope of big payoffs. In this second part of an RBN Energy series on TMS, the author examines what the E&P pioneers have accomplished so far in drilling and production, what they’re learning from their experience, and what it would take to turn TMS’s potential into reality.

Most Popular

Oil & Gas Jobs

Search More Job Listings >>
Subscribe to OGFJ