BEXP First Quarter 2010

Financials

• Net income: gain of 11 cents/share vs loss of $2.60/share same qtr 2009

Operations

• Avg daily production: 5,420 boe, up 1% from first quarter 2009
• Avg daily crude oil production: up 84% from first quarter 2009
• Average price for crude oil first quarter: $72.39/bbl
• 305,400 net acres in North Dakota and Montana
• Rough Rider: 123,000  acres
• Ross Area: 98,800 acres
• Eastern Montana: 83,600 acres

Drilling operations

• Capital to ramp up to 8 operated rigs by May 2011
• Enough liquidity to ramp up beyond 8 operated rigs
• Conference call to follow

Comments:

• Wow: at first glance that measly increase in daily production volumes from one year ago has to be concerning: up only 1% from a year ago. But there's a very good reason for it: it was all due to less natural gas being produced. Crude oil production jumped 84%; natural gas production dropped by almost half. 
• Crude oil production increased  by 84% from first quarter 2009. 
• There were 46 million shares outstanding a year ago; this year, 101 million 
• Overall, this has to be a very good report by any measure; curious what others have to say
• BEXP has five (5) active rigs according to NDIC today (April 29, 2010). Next month, there could be three more BEXP rigs in North Dakota/Montana
• Compare BEXP's 221,800 net acres in North Dakota compared to Newfield's 400,000 net acres