Brigham Exploration has signed a purchase and sale agreement to acquire just over 10,000 net acres in the northeastern portion of its Rough Rider project area. Brigham also announced three additional high initial rate Bakken wells including its highest initial rate operated well in Mountrail County, and as a result Brigham has now completed 16 consecutive long lateral high frac stage Bakken and Three Forks wells with an average initial 24 hour peak rate of approximately 2,417 barrels of oil equivalent per day.
The 10,000 net acre acquisition, which is subject to due diligence to be performed by Brigham and expected to close on or before April 10th, brings Brigham's acreage position in Rough Rider to approximately 115,000 net acres and increases its core acreage position in the Williston Basin to approximately 157,000 net acres. The 10,000 net acre acquisition adds over 23 net potential Bakken drilling locations assuming 1280 acre spacing and 3 wells per spacing unit. Brigham plans to drill its first operated Rough Rider Three Forks well during the second quarter of 2010, and with success, the newly acquired acreage adds over 23 net potential Three Forks locations to Brigham's inventory.
Brigham announced the completion of its operated Jerome Anderson 15-10 #1H Bakken well in its Ross project area in Mountrail County, North Dakota at an early 24 hour peak rate of 3,115 (2,678 Bopd and 2.62 MMcf/d) barrels of oil equivalent per day. Brigham maintains a 50% working interest in the Jerome Anderson, which was completed with 30 frac stages and is Brigham's highest initial rate completion to date in the Ross project area. Subsequent to completing several successful high frac stage short laterals, Brigham has now completed four consecutive long lateral high frac stage Bakken and Three Forks wells in its Ross Area with an average early 24 hour flow back rate of approximately 2,442 barrels of oil equivalent per day. Also participating in the Jerome Anderson with a 49% working interest was Lario Oil & Gas Company.
Brigham also announced the completion of two operated Bakken wells in its Rough Rider project area. The Papineau Trust 17-20 #1H and Kalil 25-36 #1H produced 3,042 (2,616 Bopd and 2.55 MMcf/d) and 1,586 (1,334 Bopd and 1.51 MMcf/d) barrels of oil equivalent, respectively, during early 24 hour peak flow back periods. Brigham maintains an approximate 43% working interest in the Papineau, which was completed with 29 frac stages, and an approximate 38% working interest in the Kalil, which was completed with 30 frac stages. Also participating in the Papineau and the Kalil was U.S. Energy. Brigham will back in for 35% of U.S. Energy's working interest in the Papineau and Kalil upon achieving group payout of wells seven through ten under the drilling participation agreement.
Brigham has now completed 12 long lateral high frac stage wells in Rough Rider at an average early 24 hour peak flow back rate of approximately 2,409 barrels of oil equivalent per day. Importantly, the Papineau represents the first long lateral well completed by Brigham in McKenzie County, North Dakota with more than 19 frac intervals. Previously, Brigham completed the Figaro 29-32 #1H with 19 intervals at a 24 hour peak flow back rate of 1,895 barrels of oil equivalent per day.
Brigham's development of its core operated Ross and Rough Rider project areas in Mountrail, Williams and McKenzie Counties is proceeding with one well currently fracing, four wells currently waiting on completion, three wells drilling and one location rigging up.
Bud Brigham, the Chairman, President and CEO, stated, "Our pending acquisition of over 10,000 net acres within our Rough Rider project area is a significant net asset value creation event for our stockholders, particularly when you consider we have added over 23 net Bakken locations to our core development portfolio, and potentially over 23 additional net locations in the Three Forks. Given our land efforts, we expect our acreage position in Rough Rider to grow further. Excluding the Three Forks in Rough Rider, taking into account the pending acquisition we estimate that we will have 457 net de-risked development drilling locations remaining in our core acreage positions in Mountrail, Williams and McKenzie Counties, North Dakota."
Bud Brigham continued, "Our improvement in well performance in the Williston Basin continues with the successful application of 29 frac stages in McKenzie County, North Dakota. The early 24 hour rate of our 29 frac stage Papineau well was approximately 61% higher than the 24 hour rate of our Figaro well, which was completed with 19 intervals. In addition, our 30 frac stage Jerome Anderson well generated a new initial production rate record of 3,115 barrels of oil equivalent per day for us in the Ross project area. In total, we have now completed 16 long lateral high frac stage wells in the Williston Basin at an average early 24 hour peak rate of 2,417 barrels of oil equivalent per day."
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