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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.

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