Past year: ▲ 34%(25.27 – 37.18 USD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Jan 2007substantial holder notice● Neutral
/ Artisan Partners Limited Partnership, Artisan Investment Corporation, Andrew A. Ziegler, Carlene Murphy Ziegler reported no remaining BRIGHAM EXPLORATION CO shareholding in its periodic institutional filing.
5 Dec 2006material agreement● Neutral
On November 29, 2006 Brigham signed an Amended and Restated Indemnity Agreement with all its directors and officers, keeping the earlier indemnification protections and adding clarification of the indemnification process and procedure. The filing gives no dollar amounts and no other business change.
25 Oct 2006securities registration● Neutral
BRIGHAM EXPLORATION CO filed the final prospectus for a registered offering.
14 Sept 2006securities registration● Neutral
BRIGHAM EXPLORATION CO filed the final prospectus for a registered offering.
31 Aug 2006securities registration● Neutral
BRIGHAM EXPLORATION CO amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
31 Aug 2006business combination● Neutral
Brigham filed Amendment No. 1 to its June 2006 registration statement for swapping the $125 million of unregistered 9 5/8% Senior Notes due 2014 (issued April 20, 2006) for identical registered notes. It receives no proceeds; the SEC had not yet declared it effective and the expiry date of the offer is blank. This continues the open exchange-offer thread, which is not yet resolved.
10 Aug 2006securities registration● Neutral
BRIGHAM EXPLORATION CO amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
31 July 2006securities registration● Neutral
BRIGHAM EXPLORATION CO registered a securities offering with the SEC using its shelf eligibility.
23 June 2006business combination● Neutral
Brigham filed a registration statement to let holders swap the $125 million of unregistered 9 5/8% Senior Notes due 2014 issued in April 2006 for identical registered notes, as required by the registration rights agreement. It receives no proceeds. The text shows 2005 revenue of $97 million, net income of $27.4 million, proved reserves of 133.2 Bcfe and average production of 33.1 MMcfe per day, and mentions the Bakken acreage and two Southern Louisiana joint ventures announced in February 2006.
20 June 2006auditor change● Neutral
Brigham dismissed PricewaterhouseCoopers and hired KPMG as its auditor for 2006. The filing says there were no disagreements with PwC, and its reports had no adverse opinion. The only reportable event was the December 31, 2004 material weakness over depletion expense, which relates to the 2005 restatement; the company said controls were effective at the end of 2005.
14 June 2006securities registration● Neutral
BRIGHAM EXPLORATION CO amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
19 May 2006material agreement termination● Neutral
On April 20, 2006 Brigham used the note proceeds to repay the $30 million outstanding under its Royal Bank of Scotland subordinated credit agreement and then terminated it. It also terminated an interest rate swap that had fixed the rate on $20 million of borrowings at 7.6%. This carries out the plan announced in the April notes filing.
24 Apr 2006debt financing● NeutralMajor
Brigham issued $125 million of 9 5/8% Senior Notes due May 1, 2014 (priced at 98.629% of face, yielding 9 7/8%) and amended its senior credit agreement, cutting the borrowing base to $50 million. It intends to use part of the proceeds to repay all senior credit borrowings and terminate the Royal Bank of Scotland subordinated facility. This replaces the bank debt put in place in June 2005 with long-term fixed-rate notes, and the notes carry restrictions on extra debt, dividends and share repurchases.
30 Mar 2006substantial holder notice● Neutral
Munder Capital Management disclosed a new substantial BRIGHAM EXPLORATION CO shareholding (5.80% of votes).
27 Mar 2006securities registration● Neutral
BRIGHAM EXPLORATION CO amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
15 Feb 2006securities registration● Neutral
BRIGHAM EXPLORATION CO registered a securities offering with the SEC using its shelf eligibility.
27 Jan 2006substantial holder notice● Neutral
/ Artisan Partners Limited Partnership, Artisan Investment Corporation, Andrew A. Ziegler, Carlene Murphy Ziegler disclosed a new substantial BRIGHAM EXPLORATION CO shareholding (5.60% of votes).
5 Dec 2005asset acquisition disposition● Neutral
The underwriters exercised their option to buy another 1,125,000 shares on November 29, 2005, and Brigham used the proceeds to buy back 1,125,000 shares from Credit Suisse First Boston-affiliated funds at $11.46 per share on December 2. This completes the offering-and-repurchase sequence begun in November.
28 Nov 2005asset acquisition disposition● NeutralMajor
Brigham bought back 5,000,000 of its own shares at $11.46 each from funds managed by affiliates of Credit Suisse First Boston, paying for it with part of the proceeds of the 7,500,000-share sale. This follows the November share offering and offsets part of the new shares issued.
18 Nov 2005securities registration● Neutral
BRIGHAM EXPLORATION CO filed a prospectus supplement for an offering off its existing shelf.
18 Nov 2005material agreement● NeutralMajor
Brigham signed an underwriting agreement to sell 7,500,000 new common shares to the public at $12.00 per share, with Raymond James and RBC Capital Markets among the underwriters. This adds shares to the count, so existing holders own a smaller slice. The filing does not say how the money will be used.
9 Nov 2005securities registration● Neutral
BRIGHAM EXPLORATION CO filed the final prospectus for a registered offering.
3 Nov 2005material agreement▲ GoodMajor
Brigham bought leases covering about 46,000 net acres in the Bakken play in North Dakota for $4.6 million from Zavana, Palace Exploration and Zenco, with a 100% working interest in the Bakken formation there. The company said it could drill 63 to 126 wells if successful and plans its first Bakken well as early as late 2005. The same release announced an apparent Lower Frio discovery at the Imhoff #1 in its Alamo joint venture (Brigham 75%, Sempra 25%) and gave a drilling update, adding to the existing conventional program.
12 Oct 2005material agreement● Neutral
Brigham's compensation committee approved a grant of 67,650 shares of restricted stock to non-officer employees under the 1997 Incentive Plan on October 10, 2005. The shares vest over five years and may fully vest after a change of control. This is a routine employee compensation grant.
1 July 2005debt financing▲ GoodMajor
On June 29, 2005 Brigham again amended its credit facilities. The senior facility now allows up to $200 million with an $80 million initial borrowing base (previously $100 million and $72 million), and runs to as late as June 29, 2010, with Bank of America as administrative agent. The subordinated facility increased to up to $40 million; Brigham borrowed an additional $10 million at closing, taking subordinated borrowings from $20 million to $30 million, with another $10 million available to draw until December 29, 2006. This follows the January 2005 refinancing.
31 Mar 2005financial restatement● Neutral
Brigham amended its March 21 filing to clarify the scope of the restatement: it will restate full-year 2003 and 2002 statements in its 2004 annual report, while 2004 and 2003 quarterly data will be shown as revised supplemental information, and restated 2004 quarterly statements will appear in the 2005 Forms 10-Q. This narrows what the earlier filing said about restating the quarterly statements.
21 Mar 2005financial restatement▼ BadMajor
Brigham said it will restate its 2003 and 2002 financial results and revise quarterly 2004 and 2003 results because it is changing how it calculates depletion expense. It delayed its 2004 annual report, and investors were told not to rely on the earlier figures or on the fourth quarter and 2004 results announced March 3. The change lowers depletion expense, which raises reported earnings, and Brigham expects to report a material weakness in internal controls over this calculation.
17 Mar 2005late filing notice▼ Bad
BRIGHAM EXPLORATION CO notified the SEC that its annual report would be filed late.
14 Feb 2005substantial holder notice● Neutral
Wellington Management Company, LLP reported a BRIGHAM EXPLORATION CO shareholding of 1,085,400 shares (2.56% of votes) in a periodic institutional filing.
14 Feb 2005substantial holder notice● Neutral
Ben M. Brigham, Anne L. Brigham reported a BRIGHAM EXPLORATION CO shareholding of 3,361,802 shares (7.72% of votes) in a periodic institutional filing.
