Statoil ASA (STO)

[Timothy Smith]

Bakken Transaction Highlights - In October 2011, Statoil (STO) and Brigham Exploration Company (BEXP) announced a merger agreement for Statoil to acquire all of the outstanding shares of Brigham for $36.50 per share through an all-cash tender offer.

The total equity value is approximately $4.4 billion, reflecting an enterprise value of approximately $4.7 billion,based on June 30, 2011 net debt. The transaction will provide Statoil with more than 375,000 net acres in the Williston Basin, which holds potential for oil production from the Bakken and Three Forks formations.

Brigham also holds interests in 40,000 net acres in other areas. Current production is approximately 21,000 boe per day, and the acreage has potential to ramp up to 60,000-100,000 boe per day production over a five year period.

At the current deal value of $4.4 billion, Statoil is paying $11,733 per acre ($12,533 per acre based on enterprise value).