Brigham Exploration (BEXP) reports solid Bakken well

Brigham Exploration announced today that its Carkuff 22 #1H Bakken well in its Ross Area has an early production rate of 1,110 barrels of oil per day, which brings its Bakken area production to about 1,500 barrels of oil per day. Also, the company is close to a significant test in Three Forks test that may ultimately yield more Bakken production.

The company also reported Q2 earnings of $0.17 per share, excluding unrealized mark-to-market hedging losses, $0.02 better than the First Call consensus of $0.15; revenues rose 3.6% year/year to $35.5 mln vs the $32.8 mln consensus. BEXP expects Q308 production volumes to average between 30 MMcfe per day and 34 MMcfe per day. Expects Q408 production volumes to average between 35 MMcfe per day and 44 MMcfe per day. If Brigham can get its hedge book in order which has been a drag on its bottom line, it is poised for great growth in the next year. Below is a 3 month chart of BEXP