BEXP To Enjoy Rapid Production Growth Going Forward
Analysts at Credit Suisse maintain their "outperform" rating on Brigham Exploration Co (NASDAQ: BEXP). The target price for BEXP is set to $17.
According to Credit Suisse, Brigham Exploration is an E&P company with operations in the Williston Basin of North Dakota/Montana and its legacy assets are in the US Gulf Coast and Anadarko Basin. Oil makes up 31% of BEXP’s proven reserves and 50% of its Q3 2009 production, the analysts say.
“BEXP is delivering consistently strong results through using longer lateral horizontal wells with a greater number of frac stages,” the analysts say. “As BEXP accelerates activity, we project 37% and 43% production growth in 2010 and 2011,” the analysts add.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
We're Loving
