CORRECTED – CORRECTED-(Feb 24)-UPDATE 1-Brigham Q4 profit beats expectations

(In Feb. 24 story, corrects headline, first bullet point,
paragraphs 1 and 2 to show Brigham posted an adjusted
fourth-quarter profit (Read more your timing to make a profit.), not loss)

* Q4 adj shr $0.04 vs est. $0.02

* Oil and gas rev down 12 pct

* Sees 2010 prodn 6,800-7,300 boepd

Feb 24 (BestGrowthStock) – Oil and gas exploration company Brigham
Exploration Co (BEXP.O: ) posted better-than-expected
fourth-quarter results and forecast higher average production
for 2010.

For the quarter, the company’s net income was $2.5 million,
or 3 cents a share, compared with a loss of $180.6 million, or
$3.95 a share, a year earlier. Excluding items, Brigham earned
4 cents a share.

Revenue from oil and gas sales fell 12 percent to 22.7
million.

Analysts on average expected Brigham to earn 2 cents a
share for the fourth quarter, on revenue of $22.2 million,
according to Thomson Reuters I/B/E/S.

Separately, Brigham, whose core assets are in the “oily”
Bakken shale in the Williston Basin, said it replaced 524
percent of its reserves in 2009. The company also reported an
initial production rate of 2,477 barrels of oil equivalent per
day (boepd) from its Liffrig 29-20 well.

For 2010, the company forecast 2010 average production of
6,800 boepd to 7,300 boepd and first-quarter production of
5,100 boepd to 5,400 boepd. Brigham’s 2009 and fourth-quarter
production numbers were 5,034 boepd and 5,069 boepd,
respectively.

“We currently anticipate that our oil volumes will comprise
approximately 70 percent of our total production volumes for
the full year 2010,” the company said in a statement.

Shares of Brigham closed at $15.69 Wednesday on Nasdaq. For
the alerts, please double click [ID:nWNAB1506] [ID:nWNAB1500]

Stock Market Advice

(Reporting by Arup Roychoudhury in Bangalore; Editing by
Unnikrishnan Nair)

CORRECTED – CORRECTED-(Feb 24)-UPDATE 1-Brigham Q4 profit beats expectations