BEXP

[dan_s]

I will have more tomorrow after I listen to their conference call.

First quarter production was disappointing.

First quarter results were earnings of 1 cent per share but operating cash flow of 56 cents per share (compares to 18 cents CFPS in Q1 of 2010). Our focus is on CFPS!
The accounting rules for hedges suck and distort results and confuse investors. Stock will probably take a hit in the morning.

AUSTIN, TX--(Marketwire - 05/03/11) - Brigham Exploration Company (NASDAQ:BEXP - News) announced the successful completion of additional infill wells in the Williston Basin, including the Brad Olson 9-16 #3H and the Erickson 8-17 #3H, bringing the total number of infill wells completed by the company to date to four at an average early 24-hour peak rate of approximately 3,378 barrels of oil equivalent. To date, Brigham has completed 59 consecutive long lateral high frac stage wells in North Dakota at an average early 24-hour peak rate of approximately 2,860 barrels of oil equivalent. Brigham also announced that it has completed two acreage transactions and has grown its Williston Basin acreage position to approximately 371,200 net acres. As a result of the acreage transactions and the positive results of the Johnson 30-19 #1H well in Montana, Brigham's core acreage position has grown 6% to approximately 217,900 net acres. Brigham also provided an update on its drilling and completion activities in the Williston Basin.

[dan_s]

Brigham Exploration beats by $0.04, reports revs in-line (BEXP) 31.69 -0.94 : Reports Q1 (Mar) earnings of $0.29 per share, ex-items, $0.04 better than the Thomson Reuters consensus of $0.25; revenues rose 157.6% year/year to $76 mln vs the $76.7 mln consensus.

BEXP is forecasting that its second quarter 2011 production volumes to average between 12,000 Boe per day and 14,000 Boe per day and that its crude oil volumes will comprise approximately 82% of its second quarter production volumes. For the second quarter 2011, lease operating expenses are projected to be $7.40 per Boe based on the mid-point of our production guidance, production taxes are projected to be approximately 10.0 to 10.5% of pre-hedge crude oil and natural gas revenues, and general and administrative expenses are projected to be $3.5 million ($2.99 per Boe).

[dan_s]

BEXP getting pounded this morning as I expected after reading their 1st quarter results last night. Big reason: production was flat to Q4.

Everything down as the market trying to find the bottom for oil prices.

Weather was very rough in North Dakota during the first quarter. Believe me, you don't know what cold is until you've been to ND in January.

On today's conference call Bud needs to convince analysts that production growth will pick up sharply in Q2. I think he will. In ND you get the most done in the field from June 1 to December 1. BEXP is adding four more rigs and more completion crews.

CC starts in 10 minutes.

[setliff]

thx for that dan.

[dan_s]

A special EPG Flash Report on BEXP will be going out to all of our Premium Members tomorrow morning. My updated forecast model should be on the website this evening.

[prince_jake_33]

Dan How are you doing on evaluating BEXP after earnings release? Bob jacobson.

[dan_s]

My Flash Report just went out.

[setliff]

UPGRADE: Brigham Exploration (BEXP) upgraded by MKM Partners from Neutral to Buy. 05/05 10:41 AM

bless their heart!

[setliff]

dan, pls explain how you get your fair value of 37.58 for bexp. cf/sh is 2.58 for '11 and 4.57 for '12. apparently it is somekind of avg between '11 & '12??