ONSHORE GULF COAST FRIO EXPLORATION
Jackson County Frio Discovery - Brigham operated the successful drilling and completion of the Renfro #1, retaining a working interest of 100%. The Renfro #1 was completed to sales in April at a rate of approximately 3.0 MMcfe/d, or 2.3 MMcfe/d net to the Company's 77% revenue interest.
In the same area, Brigham is currently operating the drilling of an associated prospect, the Planet Oil #1, with a 50% working interest. During the third quarter, Brigham expects to drill another 100% working interest prospect in this area, which appears to be similar to the Renfro #1.
Matagorda County Frio Discovery - Brigham operated the successful drilling and completion of the Wilson Trust #1, in which the company retained a 50% working interest. The Wilson Trust #1 was recently production tested at a rate of approximately 4.7 MMcfe/d, or 1.8 MMcfe/d net to Brigham's 39% revenue interest. Brigham anticipates production to sales by mid-May, with additional potential shallower pay remaining behind pipe.
Calhoun County Frio Discoveries - Brigham operated the successful drilling and completion of the Trull B #1, in which Brigham retained a 75% working interest. The Trull B #1 was recently production tested at a rate of approximately 1.6 MMcfe/d, or 0.9 MMcfe/d net to Brigham's 55% revenue interest. Brigham anticipates hooking the Trull B #1 to sales by mid-May. The Trull B #1 also has additional potential pay zones remaining behind pipe.
In the same area, Brigham successfully reentered and recompleted the Trull Heirs #1, which was an existing well previously drilled by another operator. Brigham retained a 75% working interest in the Trull Heirs #1, which was completed to sales in mid April at an initial rate of approximately 1.0 MMcfe/d, or 0.6 MMcfe/d net to Brigham's 56% revenue interest.
Also in Calhoun County, Brigham is preparing to commence drilling the Sartwelle #2, an offset to the recently completed Sartwelle #1 discovery. The Sartwelle #1 was completed in early February at an initial rate of approximately 4.2 MMcfe/d, or approximately 2.4 MMcfe/d net to Brigham's 58% revenue interest, and the well has continued to produce at approximately the same rate. Brigham will operate the drilling of the Sartwelle #2 with 75% working and 56% revenue interests. Results are expected by late June.
Willacy County Frio Discovery - Brigham operated the successful drilling and completion of the Pinnell #5, retaining a 79% working interest in the well. The Pinnell #5 was recently production tested at a rate of approximately 1.0 MMcfe/d, or 0.6 MMcfe/d net to Brigham's 58% revenue interest. Brigham anticipates production to sales by late May.
Bud Brigham, the Company's Chairman, CEO and President, stated, "These five Frio completions extend our drilling success in the Frio play, as we've now completed 24 wells in 26 attempts over the last several years. It's also encouraging that we've now completed all eight of our wells drilled to date in our newer General Patton and Bayou Bengal Projects. In summary for 2004 to date, we've completed each of our first six Frio tests commenced in 2004, with two Frio 50% working interest wells currently drilling, and a total of fifteen Frio wells planned for the year."
ONSHORE GULF COAST VICKSBURG
Completion of 3rd and 4th Floyd Fault Block Field Wells - The Sullivan #10, Brigham's third well in the Floyd Fault Block Field, was successfully completed to sales in late February and was producing at a rate of approximately 16 MMcfe/d, or approximately 4.0 MMcfe/d net to Brigham's 25% revenue interest. In addition, production casing has been set, and completion operations are underway on the Sullivan #12, Brigham's fourth well in the Floyd Fault Block Field. Brigham retained a 34% working and 25% revenue interest in the Sullivan #12, which encountered approximately 26 feet of apparent net pay in the Vicksburg at depths between 13,150 and 13,760 feet. The gross sand thicknesses encountered in the Sullivan #12 are comparable to the highly productive Sullivan #8 and #10 wells, which had net pay counts of over 150 feet. However, the wireline logs indicated that the porosities in the Sullivan #12 were generally lower than those encountered in the Sullivan #8 and #10 wells, contributing to the lower apparent net pay count for the Sullivan #12 well. Brigham expects the Lower Vicksburg pay intervals to be perforated, fracture stimulated, production tested and commingled to sales by early June. The Company expects to commence its fifth Floyd Fault Block Field well during the fourth quarter.
Home Run and Triple Crown Field Activity - Brigham is currently production testing to sales its 12th Home Run Field completion, the Palmer #9. Brigham operated the Palmer #9 with a 34% working interest. The Palmer #9 was recently production tested from two of the lower pay intervals at a daily rate of approximately 2.8 MMcf of natural gas and 300 barrels of oil (4.6 MMcfe/d), or 1.3 MMcfe/d net to Brigham's 29% revenue interest. The Company plans to continue producing this interval to sales over the next several weeks, prior to perforating, stimulating and commingling shallower potential pay intervals.
Brigham currently expects to commence drilling two Triple Crown Field wells in 2004, the first of which should commence late in the 2nd quarter.
Commencement of Floyd South Development Well - Brigham is operating the drilling of the Sullivan F #2, at a current depth of approximately 9,100 feet. Targeted total depth is approximately 14,500 feet. Brigham will retain either a 50% or 100% working interest in the Sullivan F #2, depending on the participation election of its joint venture participant. If the joint venture participant elects not to participate, they would forfeit their 50% interest until payout of 350% of the drilling and completion costs, at which time Brigham's interest would revert back to its original 50% working interest. Results are expected by early July.
Bud Brigham stated, "We've now completed 20 wells in 21 attempts in the Vicksburg. Based on early production rates and pressures, it appears that the Sullivan #10 may be the best Vicksburg well we've drilled to date. Though it appears we have less apparent net pay in the Sullivan #12, we're still optimistic, primarily because it found the thicker sands that we had hoped for, and it offsets one of our best producers. Given that we will have at least a 50%, and most likely a 100% working interest in the currently drilling Sullivan F #2, it could be a significant well for the Company."
ANADARKO BASIN SPRINGER TREND
Springer Channel Discoveries - In Blaine County, Oklahoma, Brigham recently participated in the successful drilling and completion of the Pinkerton #1 with a 47% working interest. The Pinkerton #1 was completed to sales in the Britt interval of the Springer in late April at an initial rate of approximately 3.5 MMcfe/d, or 1.3 MMcfe/d net to Brigham's 37% revenue interest. Also in Blaine County, Brigham participated in the drilling and completion of the Wolsey #1 with a 28% working interest. The Wolsey #1 is currently being completed in the Cunningham interval of the Springer, with production to sales anticipated later this month.
In summary for the Springer Channel trend thus far in 2004, Brigham has completed three wells in three attempts, with two wells currently drilling and a total of ten wells currently planned for 2004.
Grady County Activity - The recently announced Cooper #1 completion, in which Brigham retained a 33% working interest, is currently producing to sales from the Bromide Formation at a rate of approximately 1.5 MMcf/d, or 0.4 MMcf/d net to Brigham's 25% revenue interest. In the same area, Brigham is participating in the Burton #1 with a 29% working interest. The Burton #1 is currently drilling at a depth of approximately 17,100 feet, with a targeted total depth of 17,400 feet. Results for this well are expected later this month.
Springer Bar Field Development - The recently announced Mack Farms #1 completion commenced production to sales in late April at an initial rate of approximately 0.7 MMcfe/d, or 0.1 MMcfe/d net to Brigham's 12% revenue interest. Brigham currently has three relatively low working interest wells drilling in its Springer Bar Field, and a 32% working interest development well scheduled to commence drilling within the next 60 days. Thus far in 2004, one Springer Bar Field well has been completed in one attempt, with a total of eleven wells currently planned for the year.
ANADARKO BASIN HUNTON TREND
Eula Clay #1 Completion - The Brigham operated Eula Clay #1 was recently completed in the Granite Wash at an initial rate of approximately 1.3 MMcfe/d, or 0.8 MMcfe/d net to Brigham's 58% revenue interest. Although the Hunton was production tested as a low rate producer, Brigham elected to set a bridge plug and complete the well in shallower Granite Wash pay intervals. Depending on performance, at least one offset could be drilled to this discovery.
Mills Ranch East Development Well - Brigham is currently drilling of the Mills Ranch #1-99S well. The well has reached a current depth of approximately 21,150 feet, with a targeted total depth of approximately 24,500 feet. Brigham operates the Mills Ranch #1-99S with 93% working and 63% revenue interests, and anticipates drilling the primary Hunton and Arbuckle objectives over the next 60 days. Results for the well are expected by late June or early July.
Bud Brigham stated, "This well is the eastern offset to three prior wells that have produced over 21 Bcfe to date, primarily from the Hunton. Two of these wells, the Mills Ranch #1 and #2, were drilled by Brigham in recent years. These two wells are located on the western end of the structure, while the Mills Ranch #1-99S will test the eastern side of this large fault block. Subsequent to the Mills Ranch #1-99S, we will utilize the same drilling rig to drill two other deep Hunton and Arbuckle wells during 2004. At least one of these wells will be a development well on the west side of our Mills Ranch Field."
Granite Wash Discovery - In Hemphill County, Texas, Brigham operated the successful drilling of the Patrick 22 #1 with a 63% working interest. The Patrick 22 #1 was drilled to a total depth of approximately 11,500 feet, and encountered approximately 129 feet of net pay in the Granite Wash. Production casing has been set, and the well should be fracture stimulated and producing to sales within the next several weeks. Successful wells in the area produce at initial rates ranging from 0.75 to 2.0 MMcfe/d. Adjacent acreage is currently experiencing a very substantial amount of Granite Wash drilling activity, and Brigham currently owns a contiguous block of approximately 3,958 gross and 2,100 net acres in the area. With continued drilling and completion success, over 90 potential locations could ultimately be drilled to fully develop Brigham's acreage.
2004 OPERATIONAL STATISTICS
Brigham has spud 23 wells thus far in 2004, retaining an average working interest of approximately 45%. Twelve of these wells have been or are currently being completed, one has been plugged and ten are currently drilling. Brigham's gross and net completion rates thus far in 2004 are 93% and 84%, respectively. Brigham currently plans to commence drilling operations on approximately twelve additional wells during the second quarter of 2004.
Bud Brigham stated, "We completed 11 wells in 12 attempts in the fourth quarter of 2003. Thus far in 2004 we've completed 12 wells in 13 attempts, with ten wells currently drilling, and a total of 59 wells planned for the year. Given our drilling success, our accelerated drilling program is positively impacting our production growth rate thus far in 2004."
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