BRIGHAM EXPLORATION CO

CIK:0001034755|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues:
Oil and natural gas sales	$ 113,766	$ 43,663	$ 283,455	$ 113,157
Gain (loss) on derivatives, net	53,094	(7,057)	50,557	939
Support infrastructure	1,242		2,726
Other revenue	3	4	8	17
Total revenues	168,105	36,610	336,746	114,113
Costs and expenses:
Lease operating	13,595	3,964	30,039	12,684
Production taxes	11,483	4,250	28,632	10,658
Support infrastructure	610		1,329
General and administrative	3,359	3,255	9,906	9,052
Depletion of oil and natural gas properties	28,953	15,312	71,424	38,770
Depreciation and amortization	1,722	362	3,937	856
Accretion of discount on asset retirement obligations	127	103	350	312
Total costs and expenses	59,849	27,246	145,617	72,332
Operating income (loss)	108,256	9,364	191,129	41,781
Other income (expense):
Interest income	240	1,716	949	3,056
Interest expense, net	(7,472)	(2,058)	(16,644)	(7,893)
Loss on redemption of Senior Notes		(10,948)		(10,948)
Other income (expense)	(2,333)	1,250	4,755	3,116
Total other income (expense)	(9,565)	(10,040)	(10,940)	(12,669)
Income (loss) before income taxes	98,691	(676)	180,189	29,112
Income tax benefit (expense):
Current
Deferred	3,822		(5,287)
Total income tax expense	3,822		(5,287)
Net income (loss)	$ 102,513	$ (676)	$ 174,902	$ 29,112
Net income (loss) per share available to common stockholders:
Basic	$ 0.88	$ (0.01)	$ 1.50	$ 0.27
Diluted	$ 0.86	$ (0.01)	$ 1.48	$ 0.26
Weighted average shares outstanding:
Basic	116,459	115,921	116,409	109,657
Diluted	118,557	115,921	118,552	111,562

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities:
Net income (loss)	$ 174,902	$ 29,112
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depletion of oil and natural gas properties	71,424	38,770
Depreciation and amortization	3,937	856
Stock based compensation	2,736	1,933
Amortization of deferred loan fees and debt issuance costs	1,798	1,475
Loss on early redemption of Senior Notes		10,948
Market value and other adjustments for derivative instruments	(52,997)	1,262
Accretion of discount on asset retirement obligations	350	312
Deferred income taxes	5,287
Other noncash items	30
Changes in operating assets and liabilities:
Accounts receivable	(60,964)	(21,424)
Other current assets	(2,545)	(2,218)
Accounts payable	39,817	20,574
Royalties payable	40,837	19,336
Participant advances received	2,474	(4,187)
Other current liabilities	16,542	(2,067)
Other noncurrent assets and liabilities	(245)	(1,461)
Net cash provided by operating activities	243,383	93,221
Cash flows from investing activities:
Additions to oil and natural gas properties	(500,271)	(279,406)
Changes to inventory	(18,279)	(14,805)
Purchases of short term investments	(298,021)	(227,604)
Sales of short term investments	407,275	116,569
Additions to other property and equipment	(57,017)	(14,142)
Proceeds from the sale of assets	183	12,544
Decrease (increase) in drilling advances paid	550	(1,397)
Net cash provided (used) by investing activities	(465,580)	(408,241)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		277,547
Redemption of Series A mandatorily redeemable preferred stock		(10,101)
Proceeds from Senior notes offering	300,000	300,000
Redemption of Senior Notes		(162,789)
Deferred loan fees paid and equity costs	(9,893)	(6,427)
Principal payments on capital lease obligations	(48)
Proceeds from exercise of employee stock options	670	2,484
Repurchases of common stock	(731)	(471)
Net cash provided (used) by financing activities	289,998	400,243
Net increase (decrease) in cash and cash equivalents	67,801	85,223
Cash and cash equivalents, beginning of year	23,743	40,781
Cash and cash equivalents, end of period	$ 91,544	$ 126,004

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 91,544	$ 23,743
Accounts receivable	131,332	70,368
Short-term investments	114,738	223,991
Inventory	53,238	34,959
Other current assets	26,106	7,796
Total current assets	416,958	360,857
Oil and natural gas properties, using the full cost method including Proved, net of accumulated depletion of $495,115 and $423,691	761,999	486,423
Unproved	433,848	182,933
Total oil and gas	1,195,847	669,356
Other property and equipment, net	95,887	42,837
Deferred loan fees	17,159	9,064
Other noncurrent assets	20,876	3,287
Total assets	1,746,727	1,085,401
Current liabilities:
Accounts payable	89,840	50,023
Royalties payable	82,992	42,155
Accrued drilling costs	155,888	61,067
Participant advances received	5,511	3,037
Derivative liabilities	69	9,442
Other current liabilities	27,315	10,821
Total current liabilities	361,615	176,545
Senior Notes	600,000	300,000
Other noncurrent liabilities	12,074	15,586
Commitments and contingencies (Note 3)
Stockholders' equity:
Common stock, $.01 par value, 180 million shares authorized, 116,800,125 and 116,564,182 shares issued and 116,498,651 and 116,289,180 shares outstanding at September 30, 2011 and December 31, 2010, respectively	1,168	1,166
Additional paid-in capital	770,920	765,326
Treasury stock, at cost; 301,474 and 275,002 shares at September 30, 2011 and December 31, 2010, respectively	(3,388)	(2,657)
Accumulated other comprehensive income (loss)	(8)	(9)
Retained earnings (deficit)	4,346	(170,556)
Total stockholders' equity	773,038	593,270
Total liabilities and stockholders' equity	$ 1,746,727	$ 1,085,401