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Brigham Exploration Reports Third Quarter 2007 Results and Provides Fourth Quarter 2007 Forecasts

Posted on: Tuesday, 6 November 2007, 21:00 CST

AUSTIN, Texas, Nov. 6 /PRNewswire-FirstCall/ -- Brigham Exploration Company today announced its financial results for the third quarter and nine months ended September 30, 2007.

THIRD QUARTER 2007 RESULTS

Our net daily production volumes for the third quarter 2007 were 43.4 MMcfe per day, an increase of 20% when compared to the third quarter 2006. Third quarter 2007 revenues from the sale of oil and natural gas including derivative hedging settlements but excluding unrealized derivative hedging gains and losses were up 22% to $31.5 million when compared to the third quarter last year. Increased production volumes and increased oil and natural gas prices increased revenue by $4.0 and $1.0 million, respectively. Higher derivative hedging settlements increased oil and natural gas revenue by $0.6 million.

Our average realized price for natural gas during the third quarter 2007 was $7.31 per Mcf, which included a $0.60 per Mcf gain due to the settlement of our natural gas derivative contracts. This compares to an average realized price in the third quarter 2006 of $6.99, which included a $0.51 per Mcf gain due to the settlement of our natural gas derivative contracts. During the third quarter 2007, our average realized price for oil was $73.43 per barrel, which included a $0.22 per barrel loss due to the settlement of our oil derivative contracts. This compares to an average realized price in the third quarter 2006 of $72.36, which included a $0.50 per barrel gain due to the settlement of our oil derivative contracts.

Our per unit production costs, which include costs for operating and maintaining (O&M expense) our wells, expensed workovers, ad valorem taxes and production taxes, were down $0.31 per Mcfe, or 26%, when compared to the third quarter last year. Our per unit O&M expense decreased by $0.16 per Mcfe, or 25%, from the corresponding period last year because of a decrease in salt water disposal, chemical treating, and compressor and equipment rental. The September 1, 2007 sale of our Anadarko Basin Granite Wash properties largely drove the decrease in salt water disposal costs. Production tax expense decreased $0.15 per Mcfe, or 38%, from the third quarter 2006. The decrease was due to a $0.2 million increase in tax credits associated with high cost gas production tax abatements. The increase in tax credits is partially attributable to the fact that we are recording credits immediately upon commencing production from our Vicksburg and Mills Ranch wells given our 100% success rate in applying for credits rather than deferring recognition until receiving approval from relevant government authority. In addition, our ad valorem taxes decreased $0.03 per Mcfe, or 21%, due to a decrease in estimated property valuations for our oil and natural gas properties during 2007. These decreases were offset by an increase in expensed workovers of $0.03 per Mcfe, or 75%, largely attributable to work performed in our Providence Field.

Per unit general and administrative (G&A) expense for the third quarter 2007 increased 5% to $0.64 per Mcfe from the third quarter 2006 as higher compensation and travel costs offset higher production volumes. Roughly 87% of the increase in compensation expense was attributable to an increase in non-cash share-based compensation expense under FAS 123(R).

Our depletion expense for the third quarter 2007 was $14.8 million ($3.78 per Mcfe) compared to $11.9 million ($3.67 per Mcfe) in the third quarter last year. Our increased production volumes accounted for 85% of the increase in third quarter 2007 depletion expense, while our increased depletion rate accounted for the remaining 15% of the increase in depletion expense. The increase in our depletion rate was a result of an increase in the cost of reserve additions.

Our operating income for the third quarter 2007 increased by 27% to $10.1 million from the third quarter 2006.

Our net interest expense for the third quarter 2007 increased by $1.3 million, or 49%, from last year. The increase was associated with our higher weighted average debt outstanding and a higher weighted average cost of debt attributable to our $35 million senior notes add-on, which was completed in April 2007. Our weighted average debt outstanding for the third quarter 2007 was $186.6 million compared to $135.1 million in the third quarter last year.

We recorded deferred income tax expense of $2.3 million in the third quarter of this year, compared to deferred income tax expense of $3.1 million in the third quarter last year. Lower taxes were attributable to both a decrease in income before taxes and the adjustment of our 2006 income tax accrual.

Our reported net income for the third quarter 2007 was $4.2 million ($0.09 per diluted share) compared to net income of $5.2 million ($0.12 per diluted share) in the third quarter last year. Our after-tax earnings in the third quarter 2007, excluding the impact of our unrealized derivative losses, were $4.4 million ($0.10 per diluted share) and our after-tax earnings in the third quarter 2006, excluding both unrealized derivative gains and non-cash gains associated with the ineffective portion of our cash flow hedges, were $3.7 million ($0.08 per diluted share). After-tax earnings excluding the above items is a non-GAAP measure and a reconciliation of GAAP net income to after-tax earnings excluding the effect of the above items is included in our accompanying financial tables found later in this release.

At September 30, 2007, we had $10.5 million in cash and $528.5 million of total assets. After repaying the outstanding balance under our senior credit facility with the $35.4 million in proceeds from our Anadarko Basin Granite Wash asset sale, we had a debt to book capitalization ratio of 38% at the end of the third quarter 2007.

The table below lists our oil and gas capital expenditures. Three months ended September 30, -------------------------------- 2007 2006 ---- ---- (in thousands) Drilling $18,841 $39,314 Net land and G&G 4,545 12,690 Capitalized costs 2,901 2,492 Capitalized FAS 143 ARO 97 37 ------- ------- Total oil and gas capital expenditures (a) $26,384 $54,533 ======= ======= (a) Excludes the impact of our September 1, 2007 Anadarko Basin Granite Wash asset sale. FIRST NINE MONTHS 2007 RESULTS

Average daily production volumes for the first nine months 2007 were 43.6 MMcfe per day, an increase of 21% when compared to the first nine months of last year. First nine months 2007 revenues from the sale of oil and natural gas including derivative hedging settlements but excluding unrealized derivative gains and losses were up 23% to $95.7 million when compared to the corresponding period last year. Increased production volumes and 7% increase in our natural gas sales price increased revenue by $12.8 and $4.4 million, respectively. Oil and natural gas derivative hedging settlements increased revenue by $0.8 million.

Our average realized price for natural gas during the first nine months of 2007 was $7.56 per Mcf, which included a $0.33 per Mcf gain associated with the settlement of our natural gas derivative contracts. This compares to an average realized price of $7.12 per Mcf for the first nine months of last year, which included a $0.34 per Mcf gain due to the settlement of our natural gas derivative contracts. Our average realized price for oil for the first nine months of 2007 was $67.26 per barrel, which included a $0.31 per barrel gain due to the settlement of our oil derivative contracts. This compares to an average realized price in the first nine months of 2006 of $67.22, which was not impacted by the settlement of our oil derivative contracts.

Our per unit production costs for the first nine months 2007 were down $0.31 per Mcfe, or 27%, when compared to that in the same period last year. Production taxes decreased $0.22 per Mcfe, or 63%, because of a $2.4 million increase in the aforementioned production tax credits. O&M expense decreased $0.07 per Mcfe, or 11%, because of decreases in salt water disposal and chemical treating expense. Ad valorem taxes decreased $0.03 per Mcfe, or 21%, because of a decrease in property valuations for our oil and natural gas properties.

Increased production volumes more than offset higher stock compensation and payroll costs and resulted in our per unit G&A expense decreasing by 3% to $0.59 per Mcfe in the first nine months 2007. Roughly 62% of the increase in compensation expense was attributable to an increase in non-cash share-based compensation expense under FAS 123(R).

Our depletion expense for the first nine months 2007 was $45.3 million ($3.85 per Mcfe) compared to $33.3 million ($3.41 per Mcfe) in the first nine months of last year. Increased production volumes accounted for 57% of the increase, while an increase in our depletion rate accounted for the remaining 43% of the increase. The increase in our depletion rate was primarily a result of an increase in the cost of reserve additions.

In the second quarter 2007, we recorded a $6.5 million non-cash ceiling test impairment charge ($4.1 million after-tax) on our oil and gas properties, which impacted our first nine months 2007 results. A ceiling test impairment is recorded when the capitalized cost of our oil and gas properties exceeds the present value (10% per annum discount rate) of estimated future net cash flows based on commodity prices at the end of the reporting period plus certain unevaluated property costs. Commodity spot prices at the end of June 2007 for Henry Hub natural gas and West Texas intermediate crude oil were $6.80 per Mcf and $70.47 per barrel.

Our operating income, impacted by the ceiling test impairment charge, declined to $23.1 million in the first nine months 2007 from $26.2 million in the first nine months 2006.

Our net interest expense for the first nine months 2007 increased by $4.2 million from the comparable period last year. This increase was primarily due to our higher weighted average debt outstanding and our higher weighted average interest cost associated with our senior notes that were issued in April 2006 and April 2007. Our weighted average debt outstanding for the first nine months of this year was $183.2 million versus $114.1 million for the comparable period last year.

We recorded deferred income tax expense of $5.2 million in the first nine months of this year compared to deferred income tax expense of $10.0 million in the first nine month of last year. Lower taxes were attributable to both a decrease in income before taxes and the adjustment of our 2006 income tax accrual.

Our reported net income for the first nine months 2007 was $8.4 million ($0.18 per diluted share) versus net income of $14.8 million ($0.33 per diluted share) for the same period last year. Our after-tax earnings in the first nine months 2007 without the effect of our unrealized derivative losses and ceiling test impairment charge were $14.3 million ($0.31 per diluted share) and our after-tax earnings in the first nine months 2006 excluding both unrealized derivative losses and non-cash gains associated with the ineffective portion of our cash flow hedges were $13.0 million ($0.29 per diluted share). After-tax earnings excluding the above items is a non-GAAP measure and a reconciliation of GAAP net income to after-tax earnings excluding the above items is included in our accompanying financial tables found later in this release.

The table below lists our oil and gas capital expenditures. Nine months ended June 30, -------------------------- 2007 2006 ---- ---- (in thousands) Drilling $71,068 $106,931 Net land and G&G 9,969 24,244 Capitalized costs 8,849 7,273 Capitalized FAS 143 ARO 325 395 ------- -------- Total oil and gas capital expenditures (a) $90,211 $138,843 ======= ======== (a) Excludes the impact of our September 1, 2007 Anadarko Basin Granite Wash asset sale. FOURTH QUARTER 2007 FORECASTS

The following forecasts and estimates of our fourth quarter 2007 production volumes are forward looking statements subject to the risks and uncertainties identified in the "Forward Looking Statements Disclosure" at the end of this release. We currently expect our fourth quarter 2007 production volumes to average between 33 MMcfe per day and 37 MMcfe per day.

For the fourth quarter 2007, lease operating expenses are projected to be $0.89 per Mcfe based on the mid-point of our production guidance, production taxes are projected to be 3.25% to 3.5% of pre-hedge oil and natural gas revenues, and general and administrative expenses are projected to be $2.4 million ($0.80 to $0.71 per Mcfe).

MANAGEMENT COMMENTS

Gene Shepherd, Brigham's Chief Financial Officer commented, "Overall, we are pleased with our third quarter 2007 results, which were positively impacted by 20% higher production volumes and reductions in both lease operating and production tax expense. Furthermore, the recently completed Anadarko Basin Granite Wash asset sale significantly enhances the company's liquidity as we begin to lay out a capital expenditure plan for 2008. Unfortunately, our fourth quarter production guidance reflects the impact of our Anadarko Basin Granite Wash asset sale, the pause in our Vicksburg rig line and the natural decline in our Bayou Postillion Southern Louisiana wells. Our first quarter 2008 production volumes should be positively impacted by the late year resumption of our Vicksburg rig line, and the results from both our fourth quarter Mountrail County Bakken wells and our two high impact Southern Louisiana exploration wells."

"At the present time, we are formulating our 2008 capital expenditure budget and expect that our 2008 budget will likely increase relative to 2007, subject to commodity prices. Consistent with recent budgets, the continuation of what is largely development drilling in the Vicksburg will constitute a significant portion of the 2008 budget. In addition, we anticipate that Mountrail county Bakken drilling will also comprise a significant portion of our 2008 budget."

CONFERENCE CALL INFORMATION

Our management will host a conference call to discuss our operational and financial results for the third quarter 2007 with investors, analysts and other interested parties on Wednesday, November 7, 2007, at 10:00 a.m. eastern time. To participate in the call, participants within the U.S. please dial 866-314-9013 and participants outside the U.S. please dial 617-213-8053. The participant passcode for the call is 66867057. A telephone recording of the conference call will be available to interested parties approximately two hours after the call is completed through 12:00 p.m. eastern time on Friday, December 7, 2007. To access the recording, domestic callers dial 888-286-8010 and international callers dial 617-801-6888. The passcode for the conference call playback is 63514168. In addition, a live and archived web cast of the conference call will be available over the Internet at either http://www.bexp3d.com/ or http://www.streetevents.com/.

A copy of this press release and other financial and statistical information about the periods covered by this press release and by the conference call that will take place on November 7, 2007, will be available on our website. To access the press release: go to http://www.bexp3d.com/ and click on News Releases. The file with a copy of the press release is named Brigham Exploration Reports Third Quarter 2007 Results and Provides Fourth Quarter 2007 Forecasts and is dated November 6, 2007. To access the other financial and statistical information that will be covered by the conference call that will take place on November 7, 2007, go to http://www.bexp3d.com/ and click on Event Calendar. The file with the other financial and statistical information is named Financial and Statistical Information for the Third Quarter 2007 Conference Call and is dated November 7, 2007.

ABOUT BRIGHAM EXPLORATION

Brigham Exploration Company is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore and develop onshore domestic natural gas and oil provinces. For more information about Brigham Exploration, please visit our website at http://www.bexp3d.com/ or contact Investor Relations at 512-427-3444.

FORWARD LOOKING STATEMENTS DISCLOSURE

Except for the historical information contained herein, the matters discussed in this news release are forward looking statements within the meaning of the federal securities laws. Important factors that could cause our actual results to differ materially from those contained in the forward looking statements include our growth strategies, our ability to successfully and economically explore for and develop oil and gas resources, anticipated trends in our business‚ our liquidity and ability to finance our exploration and development activities‚ market conditions in the oil and gas industry‚ our ability to make and integrate acquisitions and the impact of governmental regulation and other risks more fully described in the company's filings with the Securities and Exchange Commission. Forward looking statements are typically identified by use of terms such as "may,""will,""expect,""anticipate,""estimate" and similar words, although some forward-looking statements may be expressed differently. All forward looking statements contained in this release, including any forecasts and estimates, are based on management's outlook only as of the date of this release, and we undertake no obligation to update or revise these forward looking statements, whether as a result of subsequent developments or otherwise.

Contact: Rob Roosa, Finance Manager (512) 427-3300 BRIGHAM EXPLORATION COMPANY SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three months ended Nine months ended September 30, September 30, ------------------ ----------------- 2007 2006 2007 2006 ---- ---- ---- ---- Revenues: Oil and natural gas sales $29,481 $24,487 $92,250 $74,977 Hedging settlements 1,975 1,380 3,405 2,621 ------- ------- ------- ------- 31,456 25,867 95,655 77,598 Unrealized hedging gains/ losses (327) 99 (2,985) (288) ------- ------- ------- ------- 31,129 25,966 92,670 77,310 Other revenue 17 57 73 87 ------- ------- ------- ------- Total revenue 31,146 26,023 92,743 77,397 Costs and expenses: Lease operating 2,564 2,672 8,458 7,938 Production taxes 951 1,259 1,573 3,455 General and administrative 2,514 1,985 6,973 5,936 Depletion of oil and natural gas properties 14,776 11,910 45,347 33,272 Impairment of oil and natural gas properties - - 6,505 - Depreciation and amortization 147 140 468 376 Accretion of discount on asset retirement obligations 87 80 298 229 ------- ------- ------- ------- 21,039 18,046 69,622 51,206 ------- ------- ------- ------- Operating income 10,107 7,977 23,121 26,191 Other income (expense): Interest expense, net (3,976) (2,669) (11,071) (6,899) Interest income 271 518 536 1,072 Other income (expense) 105 2,507 1,007 4,394 ------- ------- ------- ------- (3,600) 356 (9,528) (1,433) Income before income taxes 6,507 8,333 13,593 24,758 Income tax expense: Current - - - - Deferred (2,324) (3,087) (5,227) (9,971) ------- ------- ------- ------- (2,324) (3,087) (5,227) (9,971) ------- ------- ------- ------- Net income $4,183 $5,246 $8,366 $14,787 ======= ======= ======= ======= Net income per share available to common stockholders: Basic $0.09 $0.12 $0.19 $0.33 Diluted $0.09 $0.12 $0.18 $0.33 Weighted average shares outstanding: Basic 45,123 45,027 45,085 45,005 Diluted 45,477 45,294 45,490 45,451 BRIGHAM EXPLORATION COMPANY PRODUCTION, SALES PRICES AND OTHER FINANCIAL DATA (unaudited) Three months ended Nine months ended September 30, September 30, ------------------ ----------------- 2007 2006 2007 2006 ---- ---- ---- ---- Average net daily production: Natural gas (MMcf) 37.0 29.1 37.0 28.8 Oil (Bbls) 1,078 1,166 1,104 1,220 Equivalent natural gas (MMcfe) (6:1) 43.4 36.1 43.6 36.2 Total net production: Natural gas (MMcf) 3,327 2,616 9,997 7,789 Oil (MBbls) 97 105 298 330 Equivalent natural gas (MMcfe) (6:1) 3,909 3,245 11,784 9,766 % Natural gas 85% 81% 85% 80% Sales price: Natural gas ($/Mcf) $6.71 $6.48 $7.23 $6.78 Oil ($/Bbl) 73.65 71.86 66.95 67.22 Equivalent natural gas ($/Mcfe) (6:1) 7.54 7.55 7.83 7.68 Sales price including derivative settlement gains (losses): Natural gas ($/Mcf) $7.31 $6.99 $7.56 $7.12 Oil ($/Bbl) 73.43 72.36 67.26 67.22 Equivalent natural gas ($/Mcfe) (6:1) 8.05 7.97 8.12 7.95 Sales price including derivative settlement gains (losses) and unrealized gains (losses): Natural gas ($/Mcf) $7.31 NA $7.34 NA Oil ($/Bbl) 70.35 NA 64.60 NA Equivalent natural gas ($/Mcfe) (6:1) 7.96 NA 7.86 NA SUMMARY CONSOLIDATED BALANCE SHEETS (in thousands) September 30, 2007 December 31, 2006 ------------------ ----------------- Assets: (unaudited) Current assets $34,062 $31,218 Oil and natural gas properties, net (full cost method) 487,832 485,525 Other property and equipment, net 1,072 936 Other non-current assets 5,504 4,908 -------- -------- Total assets $528,470 $522,587 ======== ======== Liabilities and stockholders' equity: Current liabilities $38,085 $57,453 Senior notes 158,432 123,434 Senior credit facility - 25,900 Mandatorily redeemable preferred stock, Series A 10,101 10,101 Deferred income tax liability 38,394 34,609 Other taxes payable 2,159 - Other non-current liabilities 5,034 5,075 -------- -------- Total liabilities $252,205 $256,572 Stockholders' equity 276,265 266,015 -------- -------- Total liabilities and stockholders' equity $528,470 $522,587 ======== ======== BRIGHAM EXPLORATION COMPANY SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three months ended Nine months ended September 30, September 30, --------------------- ------------------- 2007 2006 2007 2006 -------- ------- ------ ------- Cash flows from operating activities: Net income $4,183 $5,246 $8,366 $ 14,787 Depletion, depreciation and amortization 14,923 12,050 45,815 33,648 Impairment of oil and gas properties - - 6,505 - Accretion of discount on ARO 87 80 298 229 Amortization of deferred loan fees and debt issuance costs 252 205 713 1,473 Non-cash stock compensation 617 291 1,455 1,134 Market value adjustments for derivatives instruments 327 (2,436) 2,985 (2,926) Deferred income tax expense 2,324 3,087 5,227 9,971 Other noncash items (4) - (4) 64 Changes in operating assets and liabilities 3,367 (3,682) 1,992 15,915 -------- ------- ------ ------- Cash flows provided by operating activities $26,076 $14,841 $73,352 $ 74,295 Cash flows used by investing activities (1,673) (13,272) (75,163) (126,139) Cash flows (used) provided by financing activities (26,190) (3) 8,007 57,483 -------- ------- ------ ------- Net increase (decrease) in cash and cash equivalents $ (1,787) $1,566 $6,196 $5,639 ======== ======= ====== ======= SUMMARY PER MCFE DATA (unaudited) Three months ended Nine months ended September 30, September 30, ------------------ ------------------ 2007 2006 2007 2006 ----- ---- ---- ----- Revenues: Oil and natural gas sales $7.54 $7.55 $7.83 $7.68 Hedge settlements 0.51 0.43 0.29 0.27 Unrealized hedge gains (losses) (0.08) 0.03 (0.25) (0.03) Other revenue 0.00 0.02 0.01 0.01 ----- ----- ----- ----- $7.97 $8.03 $7.88 $7.93 Costs and expenses: Lease operating 0.66 0.82 0.72 0.81 Production taxes 0.24 0.39 0.13 0.35 General and administrative 0.64 0.61 0.59 0.61 Depletion of oil and natural gas properties 3.78 3.67 3.85 3.41 Impairment of oil and natural gas properties 0.00 0.00 0.55 0.00 Depreciation and amortization 0.04 0.04 0.04 0.04 Accretion of discount on ARO 0.02 0.02 0.03 0.02 ----- ----- ----- ----- $5.38 $5.55 $5.91 $5.24 ----- ----- ----- ----- Operating income $2.59 $2.48 $1.97 $2.69 Interest expense, net of interest income (a) (0.95) (0.66) (0.89) (0.60) Other income (expense) (b) 0.03 0.05 0.09 0.12 ----- ----- ----- ----- Adjusted income $1.67 $1.87 $1.17 $2.21 ===== ===== ===== ===== (a) Calculated as interest expense minus interest income divided by production for period. (b) Excludes non-cash gains/(losses) arising from hedge accounting for certain of our oil and natural gas hedges. BRIGHAM EXPLORATION COMPANY RECONCILIATION OF GAAP NET INCOME TO AFTER-TAX EARNINGS EXCLUDING THE EFFECT OF CERTAIN ITEMS (in thousands) Three months ended Nine months ended September 30, September 30, ------------------ ----------------- 2007 2006 2007 2006 ---- ---- ---- ---- Net income (loss) as reported $4,183 $5,246 $8,366 $14,787 Unrealized derivative (gains) losses 327 (99) 2,985 288 Unrealized derivative (gains) losses on ineffective hedges - (2,336) - (3,213) Impairment of oil and natural gas properties - - 6,505 - Tax impact (117) 902 (3,541) 1,178 ------ ------ ------- ------- Earnings excluding the effect of certain items $4,393 $3,713 $14,315 $13,040 ====== ====== ======= ======= Earnings without the effect of certain items represents net income excluding the following: unrealized gains and losses on derivative contracts; unrealized gains and losses related to ineffectiveness on our derivatives that were previously classified as cash flow hedges; and our non-cash impairment charge on our oil and gas properties. Management believes that exclusion of these items enhances comparability of operating results between periods. SUMMARY OF COMMODITY PRICE HEDGES OUTSTANDING AS OF NOVEMBER 5, 2007 (unaudited) Hedge 2007 2008 ---- ---------------------------- Strategy Q4 Q1 Q2 Q3 Q4 ---- ---- ---- ---- ---- Natural Gas Collars: Daily volumes MMBtu/d 16,739 12,857 8,242 7,826 543 Floor $/MMBtu Cash flow $7.698 $8.203 $6.980 $6.948 $7.250 Cap $/MMBtu Cash flow $12.242 $13.574 $9.735 $9.843 $10.400 Natural Gas Three Way Costless Collars: Daily volumes MMBtu/d - - - - 1,630 Floor $/MMBtu Cash flow $ - $ - $ - $ - $ 8.00 Cap $/MMBtu Cash flow $ - $ - $ - $ - $ 5.50 Written put $/MMBtu Undesignated $ - $ - $ - $ - $ 10.35 Oil Collars: Daily volumes Bbls/d 603 478 385 272 228 Floor $/Bbl Cash flow $ 59.83 $ 60.61 $ 61.55 $ 61.65 $59.96 Cap $/Bbl Cash flow $ 83.87 $ 84.15 $ 81.45 $ 81.66 $79.50 Hedge 2009 ------------------ Strategy Q1 Q2 ---- ---- Natural Gas Collars: Daily volumes MMBtu/d - - Floor $/MMBtu Cash flow $- $- Cap $/MMBtu Cash flow $- $- Natural Gas Three Way Costless Collars: Daily volumes MMBtu/d 1,667 - Floor $/MMBtu Cash flow $8.00 $- Cap $/MMBtu Cash flow $5.50 $- Written put $/MMBtu Undesignated $10.35 $- Oil Collars: Daily volumes Bbls/d 100 99 Floor $/Bbl Cash flow $62.00 $62.00 Cap $/Bbl Cash flow $81.75 $81.75 Hedged volumes and prices reflected in this table represent average contract amounts for the quarterly periods presented; natural gas hedge prices and crude oil hedge contract prices are based on NYMEX pricing.

Brigham Exploration Company

CONTACT: Rob Roosa, Finance Manager of Brigham Exploration Company,+1-512-427-3300

Web site: http://www.bexp3d.com/

Source: PRNewswire-FirstCall

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