Brigham Exploration Co. (BEXP) announced it has priced its public offering of 16 million common shares at $10.50 per share. The offering is scheduled to close October 27, 2009.
Brigham has granted the underwriters a 30-day option to buy up to 2.4 million additional shares to cover over-allotments.
The company intends to use offering net proceeds primarily to accelerate the development of its Williston Basin acreage position by drilling 24 net horizontal wells in 2010. Brigham intends to use the remaining proceeds to repay indebtedness outstanding under its senior credit facility.
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