Oil Prices Make a Bounce Back raising profits at Brigham Exploration Co.

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Brigham Exploration Co. (NASDAQ:BEXP) announced on Wednesday that its profits grew as oil prices made a bounce back. The Austin, Texas, oil and natural gas driller reported profit of $2.5 million, or 3 cents a share, compared with a loss of $181 million, or $3.95 a share, in the same part of 2008, when Brigham was forced to write down the value of assets to reflect a plunge in energy prices.

About Brigham Exploration:

Brigham Exploration Company engages in the exploration, development, and production of oil and natural gas reserves in the Rocky Mountains, Onshore Gulf Coast, Anadarko Basin, and west Texas. The company holds property interests in the Powder River Basin located in Wyoming. It also holds property interests in the Onshore Gulf Coast consisting of the Vicksburg trend in Brooks County, Texas; Miocene and Upper Oligocene trends in Southern Louisiana; and the Frio trend in and around Matagorda County, Texas. As of December 31, 2008, the company had estimated proved reserves of 137.1 Bcfe. It also operated 7 exploration wells and 64 development wells. The company sells its oil and natural gas to intrastate pipeline purchasers, operators of processing plants, and marketing companies. Brigham Exploration was founded in 1990 and is based in Austin, Texas.

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