Brigham Exploration to start 14M share offer

Brigham Exploration to raise $137M in share offering for drilling in N.Dakota, Montana, Texas

• On 8:11 am EDT, Monday October 19, 2009

AUSTIN, Texas (AP) -- Gas and oil explorer Brigham Exploration Co. on Monday announced the beginning of a public stock offering to raise a net of $137 million to speed up drilling.

The Austin-based company is selling 14 million shares. The shares were down 9 cents at $10.18 in pre-market trading.

The underwriters of the offering will have the option to buy an additional 2.1 million shares.

The money raised will go to fund a 2010 drilling budget of $175.8 million. Brigham plans to drill 24 new wells in North Dakota and one in Montana, all targeting the oil-carrying Bakken Shale formation. It's also budgeting for two new wells in the Vicksburg area of south Texas.