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Brigham Exploration Co (BEXP) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2004

Brigham Exploration Co

CIK: 1034755 Ticker: BEXP

EX-99.1
2
be2293ex991.txt

                                                                    Exhibit 99.1

   BRIGHAM EXPLORATION DELAYS FILING ANNUAL REPORT ON FORM 10-K FOR YEAR ENDED
                                DECEMBER 31, 2004

    AUSTIN, Texas, March 17 /PRNewswire-FirstCall/ -- Brigham Exploration
Company (Nasdaq: BEXP) today announced that it was unable to file its Annual
Report on Form 10-K for the year ended December 31, 2004 by March 16, 2005,
because it will revise its current methodology for calculating depletion expense
for its proved oil and natural gas properties. Brigham learned of the need to
evaluate the potential change in its methodology late in the afternoon on March
15, 2005, after discussions with its independent auditor. Brigham has used its
current methodology to calculate its depletion expense dating back prior to its
initial public offering in May 1997. In reviewing the proposed change, Brigham
has determined that a revision in its methodology will result in a decrease in
depletion expense for both the fourth quarter and fiscal year 2004. Accordingly,
this decrease will result in an upward revision to Brigham's earnings for both
the fourth quarter and fiscal year 2004, from what was previously reported on
March 3, 2005.

    Brigham is still assessing the impact that a revision in its methodology
will have on its previously issued financial statements. As a result of
Brigham's ongoing evaluation, it was unable, without unreasonable effort and
expense, to file its Annual Report on Form 10-K for the fiscal year ended
December 31, 2004 by March 16, 2005. Upon completion of this assessment, Brigham
intends to restate its previously issued financial statements for fiscal 2003
and fiscal 2002 and the affected interim financial statements.

    As a result of this revision, Brigham expects that it will report in its
Annual Report on Form 10-K a material weakness in the internal control over
financial reporting related to the calculation of depletion expense for its
proved oil and natural gas properties. A discussion of internal control over
financial reporting will be included in Brigham's 2004 Annual Report on Form
10-K.

    Brigham expects to file with the SEC a Form 12b-25, stating that it will
require additional time to complete its evaluation and file its 2004 Annual
Report on Form 10-K. Brigham is working diligently to finalize its assessment
and will file its Annual Report on Form 10-K for the year ended December 31,
2004 as soon as possible.

    About Brigham Exploration

    Brigham Exploration Company is a leading independent exploration and
production company that applies 3-D seismic imaging and other advanced
technologies to systematically explore and develop onshore domestic natural gas
and oil provinces. For more information about Brigham Exploration, please visit
our website at http://www.bexp3d.com or contact Investor Relations at
512-427-3444.



    Forward Looking Statement Disclosure

    Except for the historical information contained herein, the matters
discussed in this news release are forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 that are based upon
current expectations. Important factors that could cause actual results to
differ materially from those in the forward looking statements include risks
inherent in exploratory drilling activities, the timing and extent of changes in
commodity prices, unforeseen engineering and mechanical or technological
difficulties in drilling wells, availability of drilling rigs, land issues,
federal and state regulatory developments and other risks more fully described
in the company's filings with the Securities and Exchange Commission. All
forward looking statements contained in this release, including any forecasts
and estimates, are based on management's outlook only as of the date of this
release, and we undertake no obligation to update or revise these forward
looking statements, whether as a result of subsequent developments or otherwise.

     Contact:  John Turner, Manager of Finance & Investor Relations
               (512) 427-3300

SOURCE  Brigham Exploration Company
    -0-                             03/17/2005
    /CONTACT:  John Turner, Manager of Finance & Investor Relations of Brigham
Exploration Company, +1-512-427-3300/
    /Web site:  http://www.bexp3d.com /



The following information was filed by Brigham Exploration Co (BEXP) on Monday, March 21, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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