Brigham Exploration Increases Position in Williston Basin
Brigham Exploration has increased its total land acquisition in the Williston Basin to 174,000 acres. The property, located in North Dakota, includes 30,000 acres east of the Nesson Anticline, 22,000 acres in Mountrail County with areas of horizontal Bakken completions, and 7,000 acres in potential extensional areas.
In April 2007, Brigham acquired net acreage of 3,000 acres in Mountrail County as a joint venture with Northern Oil and Gas that has grown to 10,000 acres. Brigham's total acreage east of the Nesson Anticline is 30,000 acres with over 22,000 acres located in Mountrail County which has seen recent Bakken horizontal completions. Of the total acreage, 7,000 acres has been acquired in extensional areas that provide data supporting Bakken horizontal drilling.
Brigham has working interest in three horizontal Bakken wells, two near completion and one drilling. Brigham retains a 1.3% working interest in the EOG Risan #1 in the Parshall Field area and is nearing completion.
Thirty five miles northwest, Brigham has a 0.5% working interest in the almost completed Hess En-Hegland #1. North of En-Hegland #1 ny 15 miles, Brigham has a 1.7% interest in the Petro-Hunt Torgenson #1. A number of horizontal Bakken wells are currently drilling or have permits, some which are in Brighams acreage in Mountrail County.
Brigham is planning two-three currently plans to commence at least two, and possibly three horizontal Bakken wells in the area by year-end. The Bergstrom Family Trust 26 #1H and an unnamed well are to begin by November. Brigham will retain 56% and 69% interest in the wells, respectively. Brigham may drill a third well in the area later.
Bud Brigham, Chairman, President and CEO stated, "The Mountrail County Bakken play continues to deliver very encouraging results. Given the size of our company, we believe we've assembled what is potentially the most impactful acreage position of any public company in the play. Inclusive of the extensional areas that we believe offer excellent potential for successful horizontal Bakken drilling, we expect to grow our inventory in this area to over 50,000 net acres."
Brigham continued, "We're currently benefiting from a drilling and completion technology perspective from our small working interest participation in various horizontal Bakken wells dispersed geographically around our growing acreage position. These wells are providing us with valuable knowledge prior to commencing our drilling program during the fourth quarter. Assuming 640 acre spacing, approximately 240 gross or 45 net potential horizontal Bakken wells could potentially be drilled to develop our current acreage position. In areas such as Parshall, it appears that the ultimate spacing for field development is likely to be 320 acres or less. At this point we expect to be very active drilling in this area during 2008."
Brigham is an independent exploration and production company that applies 3-D seismic imaging and other technologies to explore and develop onshore domestic natural gas and oil provinces.
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