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Johnson Rice Energy Conference – Brigham Exploration Co.

Brigham Exploration Co. · Oct 5, 2011 · 52 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 1
  2. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 2
    BRIGHAM Williston Basin-Focused Investment Thesis Premier Operator / Significant Inventory / Accelerating Activity De-risked inventory - Williston Basin drilling program de-risked 235,200* net core acres 88 ND Bakken / Three Forks…
  3. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 3
    BRIGHAM Williston Basin Historical Activity Map Premier Early Mover Position and Best-in-Class Operator 5. 2006 4. 2006 EOG Parshall discovery, BEXP completes 3 marginal 200 Bopd subsequently bringing long laterals without…
  4. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 4
    BRIGHAM Williston Basin Overview: Summary of Well Results 88 North Dakota Bakken and Three Forks Wells Average IP 2,797 Boepd North Dakota Avg 1st 7 Days Avg 1st 30 Days Avg 1st 60 Days Most Well Area Objective Frac Stages IP (Boe/d)…
  5. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 5
    BRIGHAM Williston Basin Overview: Summary of Well Results 88 North Dakota Bakken and Three Forks Wells Average IP 2,797 Boepd Avg 1st 7 Days Avg 1st 30 Days Avg 1st 60 Days Most Well Area Objective Frac Stages IP (Boe/d) (Boe/d)**…
  6. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 6
    BRIGHAM Williston Basin Overview: Summary of Well Results 7 Montana Bakken Wells Average IP 1,576 Boepd North Dakota (cont.) Most Avg 1st 7 Days Avg 1st 30 Days Avg 1st 60 Days Recent Well Area Objective Frac Stages IP (Boe/d) (Boe/d)*…
  7. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 7
    BRIGHAM Premier Williston Basin Operator Consistently Delivering Results 88 Long Laterals Average IP 2,797 Boepd 1Q11 4Q10 3Q10 2Q10 1Q10 Key Points Operator of IP Avg of IP Avg of IP Avg of IP Avg of IP Avg Wells (Boe/d) Wells…
  8. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 8
    BRIGHAM Long Laterals with Increasing Frac Stages Drove Improved Performance from 2009-2010 Key Points As BEXP increased Single Stage 475 Spacing 425 Spacing 400 Spacing 350 Spacing 300 Spacing 250 Spacing the number of stages -…
  9. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 9
    BRIGHAM Williston Basin Reserves & Economics Based on Current Forecasted Type Curves Estimated EUREUR Estimated Range 500-700 Range 500-700Mboe* Mboe* 10,000 10,000 Net PV10% PV10% / Coverage ROR Undisc Payout, Years…
  10. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 10
    BRIGHAM 600 Mboe Type Curve ROI vs. Time Outstanding Returns Even at Lower Commodity Prices* 55/Bbl 65/Bbl 75/Bbl 85/Bbl 95/Bbl 105/Bbl 115/Bbl 4.5x ROR 4.0x 91% 3.5x 75% 3.0x 55% 40% 2.5x ROI 29% 2.0x 19% 1.5x…
  11. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 11
    BRIGHAM Growing Williston Basin Oil Production Growth in High Value Long Life Production 2006 2007 2008 2009 2010 2011 14 13 July 2011 Williston Production Williston Q2 2011 Exceeded 14,000 Boepd 12 Production a Record 11 10,401…
  12. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 12
    BRIGHAM 2010 Bakken / Three Forks Proved Developed Finding & Development Costs (/Boe) Drilling CapEx / Proved Developed Rsvs 28.00 25.83/Boe 26.00 24.00 22.00 Growth Engine 20.00 Strong Drilling Bakken/Three Results Forks…
  13. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 13
    BRIGHAM Accelerating Growth in Production & Reserves Production as a Proxy for 2011 Reserve Growth 160 18,000 2009 2010 2011 16,000 140 gs Ri 14,000 120 10 to 1 m 12,000 100 fro p m Ra 10,000 ng 80 i ll i Reserves Dr…
  14. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 14
    BRIGHAM Accelerating Growth in Production & Reserves BEXP Growing De-Risked Inventory Faster Than Its Accelerated Drilling 160 18,000 2009 2010 2011 16,000 140 i gs R 14,000 120 10 to 1 om 12,000 100 fr p am R 10,000…
  15. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 15
    BRIGHAM Williston Basin Net Drilling Locations Prior to State 36-1 2H and Irgens 27-34 2H Three Forks Completions Assumed Total Producing Brigham Net Drilling Initial Development Number of BRIGHAM PROJECT AREA Formation Acres(1) Unit…
  16. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 16
    BRIGHAM Rough Rider Three Forks Activity Map 5 Proximal Three Forks Completions with Avg. IP: 2,053 Boepd Irgens 27-34 2H IP: 2,906 Boepd Continental Obert 1-13H IP: 896 Boepd Williams State 36-1 2H IP: 2,356 Boepd Oasis…
  17. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 17
    BRIGHAM Williston Basin Net Drilling Locations Inclusive of State 36-1 2H and Irgens 27-34 2H Three Forks Completions Assumed Total Producing Brigham Net Drilling Initial Development Number of BRIGHAM PROJECT AREA Formation Acres(1)…
  18. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 18
    BRIGHAM Ross Activity Map 24 Long Lateral High Frac Stage Wells w/ 3,171 Boepd Avg. IP Vachal 3-34 Hospital 31-36 SCHA 33-34 Brown 30-19 IP: 3,800 Boepd IP: 1,449 Boepd IP: 2,974 Boepd Holm 9-4 IP: 3,309 Boepd IP: 3,032 Boepd Holm…
  19. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 19
    BRIGHAM Rough Rider Activity Map 64 Long Lateral High Frac Stage Wells w/ 2,657 Boepd Avg. IP Irgens 27-34 2H L Tufto 7-6 MacMaster 11-2 Irgens 27-34 / Judy 22-15 IP: 2,906 Boepd IP: 3,215 Boepd Kalil Farms 14-23 IP: 1,129 Boepd M.…
  20. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 20
    BRIGHAM Eastern Montana Activity Map Whiting Johnson 25-26 G3 Olson 21-16H Oasis Smestad 2758 13-5H Petro Hunt Swindle 16-9 Completing Completing Completing Lowenstein 14B-23H IP: 1,065 Boepd Completing Beck 15-10 Zenergy…
  21. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 21
  22. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 22
    BRIGHAM Rough Rider Increased Density Drilling Program Brad Olson Increased Density Wells & Microseismic Key Points Completed Rough Rider density wells the Brad Olson 9-16 3H Brad Olson 9-16 2H Brad Olson 9-16 2H IP: 2,375 Boepd…
  23. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 23
    BRIGHAM Rough Rider Increased Density Drilling Program Brad Olson 9-16 1H (orange), Brad Olson 9-16 2H (green) and Brad Olson 9-16 3H (blue) Key Points 100,000 Downtime removed Brad Olson 2H flowed 2x more oil than the Brad…
  24. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 24
    BRIGHAM Large Continuous Acreage Blocks Provide Operational Efficiency (4.5 Well Spacing Pattern Per Horizon) Key Points Smart pads minimize surface footprint Bakken Wellbores Reduces D&C Costs Allows for simultaneous…
  25. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 25
    BRIGHAM Oil Rich Basin Continues to Provide Growing Resource Base for Development Rough Rider Key Points Micro-Seismic interpretation indicates 500 Avg. Lateral Frac Extent (1,000 Total) Most of the frac energy within 200-300 of…
  26. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 26
    BRIGHAM Oil Rich Basin Continues to Provide Growing Resource Base for Development Ross Key Points Micro-Seismic interpretation indicates 500 Avg. Lateral Frac Extent (1,000 Total) Most of the frac energy within 200-300 of well…
  27. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 27
    BRIGHAM 28
  28. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 28
    BRIGHAM Horizontal Bakken 3 Month Avg. North Dakota: Post-2008 Mountrail Williams McKenzie 29
  29. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 29
    BRIGHAM Horizontal Bakken 6 Month Avg. North Dakota: Post-2008 Mountrail Williams McKenzie 30
  30. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 30
    BRIGHAM Horizontal Bakken 12 Month Avg. North Dakota: Post-2008 Mountrail Williams McKenzie 31
  31. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 31
    BRIGHAM Long Laterals Within 5 Mi. of BEXP 3 Month Avg. Rough Rider: Post-2008 Williams Mountrail McKenzie 32
  32. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 32
    BRIGHAM Long Laterals Within 5 Mi. of BEXP 6 Month Avg. Rough Rider: Post-2008 Williams Mountrail McKenzie 33
  33. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 33
    BRIGHAM Long Laterals Within 5 Mi. of BEXP 12 Month Avg. Rough Rider: Post-2008 Williams Mountrail McKenzie 34
  34. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 34
    BRIGHAM Long Laterals Within 5 Mi. of BEXP 3 Month Avg. Ross: Post-2008 Mountrail Williams McKenzie 35
  35. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 35
    BRIGHAM Long Laterals Within 5 Mi. of BEXP 6 Month Avg. Ross: Post-2008 Mountrail Williams McKenzie 36
  36. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 36
    BRIGHAM Long Laterals Within 5 Mi. of BEXP 12 Month Avg. Ross: Post-2008 Mountrail Williams McKenzie 37
  37. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 37
  38. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 38
    BRIGHAM Large Continuous Acreage Blocks Provide Operational Efficiencies (188 Operated Drilling Units) Key Points Current Rough Rider Development Contiguous acreage 108 Stacked 1,280-Acre Drilling Units (864 gross wells) blocks…
  39. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 39
    BRIGHAM Nabors B Series Pace Rigs Key Points Programmable AC Electric 1500 HP Land Rig Canrig 1250 AC, 500 ton Top Drive Columbia Walking System Two 1600 HP pumps BOP Handling System Canrig Automated Catwalk 800,000…
  40. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 40
    BRIGHAM Zipper Fracs Key Points A direct result of Smart Pad drilling Allows for simultaneous fraccing and plug & perf operations One well is being fracced while wireline operations are performed on the other Fraccing days…
  41. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 41
    BRIGHAM Zipper Fracs Cont. Key Points Current Results Days to Complete Per Well* - 2 Well Zipper Frac results in a 75% 12 improvement when compared to a single 9 Day Avg. well frac 10 - 3 Well Zipper frac 8 results in a…
  42. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 42
    BRIGHAM Infrastructure Pipeline Operations Photo Taken June 22, 2011 43
  43. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 43
    BRIGHAM Williston Basin Infrastructure Key Points Over 430 miles of oil, produced water, fresh water, and gas gathering lines 112 Stacked 1280 acre units (896 Gross wells) with an additional 76 Operated 1280 acre units…
  44. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 44
    BRIGHAM Brigham Bakken & Three Forks Oil Differentials Differentials Stabilized in 2009-2010, Improved After Q1 2011 5/Bo Improvement 2008 2009 2010 2011 ( / bbl) 45
  45. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 45
  46. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 46
    BRIGHAM 2011 Capital Budget - 836 million Incremental Capital on Additional Drilling / Acreage Acquisitions Oil & Gas Capital Expenditures Updated Change from Announced Budget Announced Budget Forecast Budget Drilling 582.1 669.2…
  47. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 47
    BRIGHAM Liquidity Position at June 30, 2011 Balance Sheet to Fund Acceleration to 12 Rigs Cash position at June 30, 2011 362 million Re-evaluated borrowing base of undrawn new five year Senior Credit Facility 325 million Total…
  48. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 48
    BRIGHAM Oil Hedges Outstanding 2011-2013* 2011 2012 2013 Hedge Rev: 178.0 Hedge Rev: 297.1 Hedge Rev: 116.0 14,000 140 12,478 11,886 12,000 120 10,519 Average Daily Volumes (Boepd) 9,739 10,000 100 Crude Oil Price…
  49. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 49
    BRIGHAM Key Takeaways Manufacturing oil Commanding / growing presence in premier domestic oil resource play, with multiple pay zones and infill drilling providing significant optionality Advanced drilling and completion designs…
  50. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 50
    BRIGHAM 51
  51. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 51
    BRIGHAM Williston Basin Oil Production & Major Takeaway Capacity Expansions 1,400,000 1,300,000 Colt Rail Terminal 1st Qtr 2012, 2013, 2014 (70 MBD) * Plains Bakken North 2nd Qtr 2013 (25 MBD) Plains Ross Rail 1st Qtr 2013 (20…
  52. Johnson Rice Energy Conference – Brigham Exploration Co. – slide 52
    BRIGHAM Williston Basin Regional Oil Pipelines & Refineries 53

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