Brigham Exploration Company (BEXP, Financial) filed Annual Report for the period ended 2010-12-31.
Brigham Exploration Company has a market cap of $4.28 billion; its shares were traded at around $36.58 with a P/E ratio of 63.1 and P/S ratio of 25.2. Hedge Fund Gurus that owns BEXP: Louis Moore Bacon of Moore Capital Management, LP, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns BEXP: Ron Baron of Baron Funds, Mario Gabelli of GAMCO Investors.
Since inception we have drilled and completed, or are currently in the process of drilling or completing 1,075 gross wells, consisting of 525 exploration and 550 development wells with an average completion rate of 77%. Over the three year period ended December 31, 2010, we drilled and completed, or were in the process of drilling or completing 315 gross wells, consisting of 10 exploratory and 305 development wells with an average completion rate of 99%. Our improved completion rate over the past three years is attributable to our increased level of activity in the Williston Basin, which is an unconventional resource play that generally provides more predictable drilling results. During 2010, we drilled and completed or were currently in the process of drilling or completing 193 gross wells, consisting of one exploratory well and 192 development wells with a completion rate of 100%. Both our higher levels of development drilling and completion rate in 2010, as compared to prior years, are also attributable to our increased level of activity in the Williston Basin.
In 2010, we spent approximately $280.1 million on drilling capital expenditures, which represents a 381% increase from that in 2009. The increase was a result of our limited drilling activity during the first half of 2009 as a result of the global financial recession that severely depressed commodity prices. As economic conditions improved, we issued equity in October 2009 and April 2010 to increase our operated drilling activity in the Williston Basin to four operated drilling rigs by year-end 2009 and to seven operated drilling rigs by year-end 2010. This increase in our operated drilling rig count resulted in higher levels of drilling capital expenditures during 2010. In 2010, we spent approximately $113.5 million on land, prior to proceeds from asset sales, which represents a 1,002% increase from that in 2009. Our higher level of land expenditures was primarily driven by the acquisition of approximately 81,725 net acres in the Williston Basin during 2010. In 2010, we spent approximately $33.2 million on support infrastructure, which includes oil, natural gas, produced water and fresh water gathering lines primarily in Williams and Mountrail Counties, North Dakota. We also drilled two water disposal wells and began construction on a regional office in Williston, North Dakota. These expenditures were incurred in order to more effectively and efficiently manage our rapidly growing operations in the Williston Basin. In earlier periods, we did not incur material support infrastructure costs.
In an effort to retain better control of our project timing, drilling, operational costs and production volumes, we attempt to operate as many of the wells we drill as possible. We operated approximately 29% of the gross wells and 81% of the net wells that we drilled during 2010, as compared with 10% of the gross wells and 17% of the net wells we drilled during 1996. In 2011, we anticipate we will operate an increased number of wells as we currently have seven operated drilling rigs running in the Williston Basin and, subject to commodity price risk, service costs and other factors, anticipate increasing our operated drilling rig count to nine rigs by September 2011. As a result of our increased operational control, wells operated by us constituted 81% of our proved reserves at year-end 2010, as compared to only 5% at year-end 1996.
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Brigham Exploration Company has a market cap of $4.28 billion; its shares were traded at around $36.58 with a P/E ratio of 63.1 and P/S ratio of 25.2. Hedge Fund Gurus that owns BEXP: Louis Moore Bacon of Moore Capital Management, LP, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns BEXP: Ron Baron of Baron Funds, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
At December 31, 2010, our proved reserves totaled 66.8 million barrels of oil equivalent (MMBoe) and had a standardized measure of $866.1 million and a pre-tax PV10% value of $1.1 billion. Approximately 78% of our proved reserves are crude oil and we operate approximately 81% of our proved reserves. Our average production volumes for 2010 were 8,267 barrels of oil equivalent per day (Boepd), which represents a 64% increase from 2009.Since inception we have drilled and completed, or are currently in the process of drilling or completing 1,075 gross wells, consisting of 525 exploration and 550 development wells with an average completion rate of 77%. Over the three year period ended December 31, 2010, we drilled and completed, or were in the process of drilling or completing 315 gross wells, consisting of 10 exploratory and 305 development wells with an average completion rate of 99%. Our improved completion rate over the past three years is attributable to our increased level of activity in the Williston Basin, which is an unconventional resource play that generally provides more predictable drilling results. During 2010, we drilled and completed or were currently in the process of drilling or completing 193 gross wells, consisting of one exploratory well and 192 development wells with a completion rate of 100%. Both our higher levels of development drilling and completion rate in 2010, as compared to prior years, are also attributable to our increased level of activity in the Williston Basin.
In 2010, we spent approximately $280.1 million on drilling capital expenditures, which represents a 381% increase from that in 2009. The increase was a result of our limited drilling activity during the first half of 2009 as a result of the global financial recession that severely depressed commodity prices. As economic conditions improved, we issued equity in October 2009 and April 2010 to increase our operated drilling activity in the Williston Basin to four operated drilling rigs by year-end 2009 and to seven operated drilling rigs by year-end 2010. This increase in our operated drilling rig count resulted in higher levels of drilling capital expenditures during 2010. In 2010, we spent approximately $113.5 million on land, prior to proceeds from asset sales, which represents a 1,002% increase from that in 2009. Our higher level of land expenditures was primarily driven by the acquisition of approximately 81,725 net acres in the Williston Basin during 2010. In 2010, we spent approximately $33.2 million on support infrastructure, which includes oil, natural gas, produced water and fresh water gathering lines primarily in Williams and Mountrail Counties, North Dakota. We also drilled two water disposal wells and began construction on a regional office in Williston, North Dakota. These expenditures were incurred in order to more effectively and efficiently manage our rapidly growing operations in the Williston Basin. In earlier periods, we did not incur material support infrastructure costs.
In an effort to retain better control of our project timing, drilling, operational costs and production volumes, we attempt to operate as many of the wells we drill as possible. We operated approximately 29% of the gross wells and 81% of the net wells that we drilled during 2010, as compared with 10% of the gross wells and 17% of the net wells we drilled during 1996. In 2011, we anticipate we will operate an increased number of wells as we currently have seven operated drilling rigs running in the Williston Basin and, subject to commodity price risk, service costs and other factors, anticipate increasing our operated drilling rig count to nine rigs by September 2011. As a result of our increased operational control, wells operated by us constituted 81% of our proved reserves at year-end 2010, as compared to only 5% at year-end 1996.
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