| Brigham Exploration Company | |||
| Ticker: | BEXP | 5949 Sherry Lane, Suite 1616 | |
| Exchange: | NASDAQ-National Market | Dallas, TX 75225 | |
| Industry: | Natural Resources (SIC Code 1311) | (214) 360-9182 | |
| Type of Shares: | Common Shares | Filing Date: | 2/27/97 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 5/8/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $9.50 - $11.50 | |
| Primary Shares: | 3,000,000 | Offer Price: | $8.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.56 | |
| Offering Amount: | $31,500,000 | Selling: | $0.34 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| Bear, Stearns & Co. Inc. | Lead Manager | (212) 272-4850 |
| Howard, Weil, Labouisse, Friedrichs | Co-manager | (504) 582-2607 |
| Petrie Parkman & Co. | Co-manager | (303) 292-3877 |
| Issuer's Law Firm: | Thompson & Knight |
| Bank's Law Firm: | Vinson & Elkins |
| Auditor: | Price Waterhouse |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $6.77 | Assets: | $33.61 | ||
| Net Income: | -$0.45 | Curr Assets: | |||
| EPS: | -$0.04 | Liabilities: | $30.37 | ||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $3.71 | Equity: | $3.24 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is an independent exploration and production company that focuses on the use of 3-D seismic imaging and other advanced technologies to systemically explore and develop onshore domestic natural gas and oil provinces. With this focus, Brigham has achieved rapid growth in reserves, potential drilling locations and 3-D seismic data. Since inception in 1990, Brigham has drilled over 265 exploratory and 35 development wells on its 3-D generated prospects with an aggregate 63% success rate. Through December 31, 1996, the company had discovered total estimated proved reserves of 119.7 Bcf of natural gas and 24.1 MMBbls of oil, or an aggregate of 264.2 Bcfe, 14% of which is attributable to the company's interest. The company's estimated proved reserves as of December 31, 1996 were 21.9 Bcfe having an aggregate Present Value of Future Net Revenues of $44.5 million, compared to estimated proved reserves as of December 31, 1993 of 2.2 Bcfe having an aggregate Present Value of Future Revenues of $3.2 million. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for exploration and development activities, repayment of all outstanding indebtedness and general corporate purposes. |