6:31AM Brigham Exploration announces record year-end 2010 proved reserves, record estimated 4Q10 production and provides an operational update (BEXP) 26.90 : Co announces that year-end 2010 proved reserves increased 141% to a record 66.8 million barrels of oil equivalent (Boe). Brigham also announced that fourth quarter 2010 production volumes are estimated to be a record 11,384 barrels of equivalent per day (Boepd), which represents a 125% increase from the fourth quarter 2009 and a 34% sequential increase. Further, Brigham announced the completion of four high rate North Dakota Bakken wells at an average early 24-hour peak flow back rate of 3,078 Boe.
full report here-----
http://finance.yahoo.com/news/Brigham-E ... l?x=0&.v=1
BEXP yr end numbers
Re: BEXP yr end numbers
BEXP 4th quarter production came in above my forecast. I will be updating the Net Income and Cash Flow Forecast model tonight so it should be posted under the Sweet 16 tab tomorrow. Only Premium Members can get to it.
Bud Brigham, the Chairman, President and CEO, commented, "In our view, the Williston Basin Bakken and Three Forks plays are the highest value resource plays in North America, and our 2010 proved reserve growth clearly demonstrates that Brigham Exploration is a technological leader in these plays. Our record 2010 reserves and production growth reflect the substantial net asset value we've created for investors in 2010. This was achieved at very attractive drilling and leasehold acquisition finding and development costs, which excludes the cost of our field level infrastructure investment, of roughly $10 per proved barrel of oil equivalent. Importantly, given that we're very early in the development of this world class resource, we estimate that we've drilled only 7% of our core de-risked locations across our approximate 205,600 net acres assuming four well spacing per producing horizon. In light of our remarkable transformational year, I want to personally commend our employees for these terrific results, the credit goes to them for their efforts to continue to innovate and be the leader in the Williston Basin."
Bud Brigham continued, "Looking ahead, given the significant drilling inventory remaining on our core acreage, our ongoing drilling to further delineate the economics of our Rough Rider Three Forks and Montana Bakken locations, the potential to increase the number of density wells per spacing unit, and the success we've achieved acquiring additional acreage, I believe that 2010 is just the first of many years of significant, low cost reserve additions for our shareholders. As other companies are striving to become liquids rich, we already have the oil manufacturing machine up and running with 80% of our production volumes driven by high value crude oil. The oil manufacturing machine is expandable as well, as we continue to engage with service providers to ramp up our rig count beyond the eight rigs we will have running by May."
Bud Brigham concluded, "In addition to our efforts to increase our drilling inventory and accelerate the development of the associated net asset value, we have internally developed a number of initiatives that we will test during 2011 to further enhance estimated ultimate recoveries. Furthermore, we are at the very early stages of investigating opportunities to reduce costs through drilling and completion efficiencies. Overall, 2011 looks to be a very exciting year and one in which we anticipate making substantial progress in our goal of 'No Oil Left Behind™.'"
Bud Brigham, the Chairman, President and CEO, commented, "In our view, the Williston Basin Bakken and Three Forks plays are the highest value resource plays in North America, and our 2010 proved reserve growth clearly demonstrates that Brigham Exploration is a technological leader in these plays. Our record 2010 reserves and production growth reflect the substantial net asset value we've created for investors in 2010. This was achieved at very attractive drilling and leasehold acquisition finding and development costs, which excludes the cost of our field level infrastructure investment, of roughly $10 per proved barrel of oil equivalent. Importantly, given that we're very early in the development of this world class resource, we estimate that we've drilled only 7% of our core de-risked locations across our approximate 205,600 net acres assuming four well spacing per producing horizon. In light of our remarkable transformational year, I want to personally commend our employees for these terrific results, the credit goes to them for their efforts to continue to innovate and be the leader in the Williston Basin."
Bud Brigham continued, "Looking ahead, given the significant drilling inventory remaining on our core acreage, our ongoing drilling to further delineate the economics of our Rough Rider Three Forks and Montana Bakken locations, the potential to increase the number of density wells per spacing unit, and the success we've achieved acquiring additional acreage, I believe that 2010 is just the first of many years of significant, low cost reserve additions for our shareholders. As other companies are striving to become liquids rich, we already have the oil manufacturing machine up and running with 80% of our production volumes driven by high value crude oil. The oil manufacturing machine is expandable as well, as we continue to engage with service providers to ramp up our rig count beyond the eight rigs we will have running by May."
Bud Brigham concluded, "In addition to our efforts to increase our drilling inventory and accelerate the development of the associated net asset value, we have internally developed a number of initiatives that we will test during 2011 to further enhance estimated ultimate recoveries. Furthermore, we are at the very early stages of investigating opportunities to reduce costs through drilling and completion efficiencies. Overall, 2011 looks to be a very exciting year and one in which we anticipate making substantial progress in our goal of 'No Oil Left Behind™.'"
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: BEXP yr end numbers
When you look at my forecast, focus on cash flow per share:
2009A = $0.38/share
2010E = $1.15/share
2011E = $3.00/share
Cash flow per share pays the bills, not earnings per share.
2009A = $0.38/share
2010E = $1.15/share
2011E = $3.00/share
Cash flow per share pays the bills, not earnings per share.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: BEXP yr end numbers
Dan,
I thought you might post a higher target for BEXP.......than $30.
Latest targets I have seen are
Jefferies $48 the highest
CAP One $35
Howard Weil $37.
Bill
I thought you might post a higher target for BEXP.......than $30.
Latest targets I have seen are
Jefferies $48 the highest
CAP One $35
Howard Weil $37.
Bill
Re: BEXP yr end numbers
I will be revising all of my Fair Value estimates when I see 4th quarter results for each company. I'm also sticking with $80 oil and $4 gas in all my forecast models for now.
Also, my Fair Value estimates are now based on 2011 earnings and cash flow forecasts. I will soon be rolling all of the forecast models out to 2012. Combined with higher commodity prices this is sure to raise the stock valuations.
I do expect analysts to increase the target prices they have for BEXP after seeing their impressive growth. If our other Bakken companies (there are ten in the Sweet 16) have impressive increases in their proven reserves the S-16 is going to have a very good year. The S-16 is heavily weighted to oil and we have a lot of exposure to the Bakken.
Also, my Fair Value estimates are now based on 2011 earnings and cash flow forecasts. I will soon be rolling all of the forecast models out to 2012. Combined with higher commodity prices this is sure to raise the stock valuations.
I do expect analysts to increase the target prices they have for BEXP after seeing their impressive growth. If our other Bakken companies (there are ten in the Sweet 16) have impressive increases in their proven reserves the S-16 is going to have a very good year. The S-16 is heavily weighted to oil and we have a lot of exposure to the Bakken.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: BEXP yr end numbers
bill, there is a difference, i believe in "fair value" and price target. i think dan said some time ago his fair value would be the price he would offer to buy a co. in present time. "target" is a projection usually 12 mo ahead.
Re: BEXP yr end numbers
Yes, Fair Value is basicly what I think a company should go for in a competitive bidding situation. I'm currently valuing BEXP at 10X 2011 CFPS. Considering some recently closed Bakken deals, this may be very conservative. As I said earlier, I will be adjusting all of my Fair Value estimates after I see 4th quarter actual results and year-end reserve reports.
A couple months ago, I felt BEXP was getting a bit "pricey". I do not feel that way any longer. This one has a lot more upside for us. I also think CLR and DNR look very promising.
I have a lot of work coming up in February and March.
On top of all the Sweet 16 work, my two SMU interns are generating company profiles on the companies on our E&P Watch List. I review all of their work and I write the "EPG Commentary" and work up the forecast models. You should all be checking what's under the Watch List tab on a regular basis. We have recently uncovered some very good values.
A couple months ago, I felt BEXP was getting a bit "pricey". I do not feel that way any longer. This one has a lot more upside for us. I also think CLR and DNR look very promising.
I have a lot of work coming up in February and March.
On top of all the Sweet 16 work, my two SMU interns are generating company profiles on the companies on our E&P Watch List. I review all of their work and I write the "EPG Commentary" and work up the forecast models. You should all be checking what's under the Watch List tab on a regular basis. We have recently uncovered some very good values.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: BEXP yr end numbers
Dan and Setliff
Thanks for your replies.....I now understand much better.....again Dan thanks for all your work....you are a special man to share.
Thanks for your replies.....I now understand much better.....again Dan thanks for all your work....you are a special man to share.
Re: BEXP yr end numbers
You are welcome. This is why you pay me the big bucks?
EPG now has 207 members
Our goal is to top 250 members by April 30th (one year after we launched the website)
74 live in the Houston area (Texas = 109)
Members in 31 states + Belgium, Canada, Germany, Japan, Cayman Islands and Puerto Rico
I'm going to announce this at the luncheon on Thursday:
Our costs are going up
> Upgrade to the website is necessary
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> Basic Membership is no longer available (anyone that is currently a Basic Member is fine until their anniversary date. At that time they will be offered the option to upgrade to a Premium Membership for $250/year.)
> Premium Membership going up to $350/year once we reach our goal of 250 members.
This will not effect current members. They will get the $250/year rate for as long as they maintain their membership. All "Founding Members" get rate of $125/year for as long as they maintain their membership.
> Cost of luncheons for non-members going up to $40 if prepaid and $50 at the door
EPG now has 207 members
Our goal is to top 250 members by April 30th (one year after we launched the website)
74 live in the Houston area (Texas = 109)
Members in 31 states + Belgium, Canada, Germany, Japan, Cayman Islands and Puerto Rico
I'm going to announce this at the luncheon on Thursday:
Our costs are going up
> Upgrade to the website is necessary
> Distributions costs for the newsletter and company reports have gone up
> Basic Membership is no longer available (anyone that is currently a Basic Member is fine until their anniversary date. At that time they will be offered the option to upgrade to a Premium Membership for $250/year.)
> Premium Membership going up to $350/year once we reach our goal of 250 members.
This will not effect current members. They will get the $250/year rate for as long as they maintain their membership. All "Founding Members" get rate of $125/year for as long as they maintain their membership.
> Cost of luncheons for non-members going up to $40 if prepaid and $50 at the door
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group