Aug 31 - Brigham Exploration Co (BEXP.O) expects oil volumes to increase in the third quarter and cash flows to remain strong, and announced positive results at its Figaro 29-32 well in the Bakken shale, sending its shares up 10 percent in trading after the bell.
The oil and gas company entered into an agreement with U.S. Energy Corp (USEG.O) last week to accelerate drilling in some of its properties in the Bakken shale before lease expirations. [ID:nBNG492348]
The agreement includes spacing units in the Williams and McKenzie counties, North Dakota. Brigham owns 100,300 net acres in the region.
Brigham has a 95 percent working interest and 74 percent net revenue interest in Figaro, which is located in McKenzie county.
The Austin, Texas-based company said the well had produced about 1,895 barrels of oil equivalent per day (boepd) during its early peak 24-hour flow back period.
Brigham shares touched a high of $7.20 in extended trading. They had closed at $6.55 Monday on Nasdaq.
The oil and gas company entered into an agreement with U.S. Energy Corp (USEG.O) last week to accelerate drilling in some of its properties in the Bakken shale before lease expirations. [ID:nBNG492348]
The agreement includes spacing units in the Williams and McKenzie counties, North Dakota. Brigham owns 100,300 net acres in the region.
Brigham has a 95 percent working interest and 74 percent net revenue interest in Figaro, which is located in McKenzie county.
The Austin, Texas-based company said the well had produced about 1,895 barrels of oil equivalent per day (boepd) during its early peak 24-hour flow back period.
Brigham shares touched a high of $7.20 in extended trading. They had closed at $6.55 Monday on Nasdaq.
