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Dato/tid 28.10.2011 09:59
Utsteder Statoil ASA
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Tittel Statoil ASA commences tender offer for Brigham Exploration Company
Tekst


October 28, 2011 - Statoil ASA (NYSE: STO) ("Statoil") and Brigham Exploration
Company (NASDAQ: BEXP) ("Brigham") today announced that an entity controlled by
Statoil, Fargo Acquisition Inc. ("Purchaser"), has commenced the previously-
announced tender offer (the "Offer") for all of the outstanding shares of common
stock, par value $0.01 per share (the "Shares"), of Brigham at a price of $36.50
per share (such price, or any higher price per Share paid in the Offer, the
"Offer Price"), net to the seller in cash without interest thereon and less any
applicable withholding taxes.

Statoil is filing with the Securities and Exchange Commission ("SEC") today a
tender offer statement on Schedule TO, including an offer to purchase and
related letter of transmittal, setting forth in detail the terms of the Offer.
Additionally, Brigham is filing with the SEC today a solicitation/recommendation
statement on Schedule 14D-9 setting forth in detail, among other things, the
recommendation of the Brigham's board of directors that Brigham's stockholders
tender their Shares to Purchaser pursuant to the Offer.

The Offer and withdrawal rights are scheduled to expire at midnight, New York
City time, on Wednesday, November 30, 2011, unless extended or earlier
terminated.

On October 17, 2011, Statoil and Brigham announced that they had signed a
definitive merger agreement pursuant dated October 17, 2011 among Statoil,
Purchaser and Brigham (the "Merger Agreement") pursuant to which the Offer would
be made. Following the consummation of the Offer and the satisfaction or waiver
of the applicable conditions as set forth in the Merger Agreement, Purchaser
will merge with and into Brigham (the "Merger"), with Brigham continuing as the
surviving corporation and as a wholly owned subsidiary of Statoil.  At the
effective time of the Merger, each Share immediately issued and outstanding
immediately prior to such time (other than (i) Shares then owned by Statoil,
Purchaser, Brigham or any of their respective direct or indirect wholly owned
subsidiaries, in each case other than on behalf of third parties, and (ii)
Shares that are held by any stockholders who properly demand appraisal in
connection with the Merger) will cease to be issued and outstanding, will be
cancelled, will cease to exist and will be converted in to the right to receive
the Offer Price, net to the seller in cash without interest thereon and less any
applicable withholding taxes.

The Offer is not subject to any financing condition.  The Offer is conditioned
upon (i) the expiration or termination of the waiting period (and extensions
thereof) applicable to the transactions contemplated by the Merger Agreement
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and
the regulations thereunder, (ii) there being validly tendered, and not
withdrawn, that number of shares that, together with any shares then owned by
Statoil and Purchaser, represents at lease a majority of the outstanding Shares
on a fully diluted basis, assuming the issuance of all Shares that may be issued
upon the vesting, conversion or exercise of all outstanding options, warrants,
convertible or exchangeable securities or similar rights, and (iii) certain
other conditions described in the Merger Agreement.

After careful consideration, the board of directors of Brigham has unanimously
(1) determined that the terms of the Merger Agreement and the transactions
contemplated thereby, including the Offer and the Merger, are advisable and fair
to and in the best interests of Brigham and its stockholders, (2) approved the
execution, delivery and performance of the Merger Agreement and the transactions
contemplated thereby, including the Offer and the Merger, and (3) recommended
that the stockholders of Brigham accept the Offer, tender their Shares to
Purchaser pursuant to the Offer and, if applicable, approve and adopt the Merger
Agreement and the Merger.

About Brigham Exploration Company

Brigham Exploration Company is an independent exploration, development and
production company that utilizes advanced exploration, drilling and completion
technologies to systematically explore for, develop and produce domestic onshore
oil and natural gas reserves. For more information about Brigham Exploration,
please visit our website at www.bexp3d.com

About Statoil

Statoil is an international energy company, headquartered in Norway, with
operations in 34 countries. Building on more than 35 years of experience from
oil and gas production on the Norwegian continental shelf, Statoil is committed
to accommodating the world's energy needs in a responsible manner, applying
technology and creating innovative business solutions. Statoil has 20,000
employees worldwide, and is listed on the New York and Oslo stock exchanges. For
further information, please visit www.statoil.com.

Further information:

Investor relations Norway:

Hilde Merete Nafstad, senior vice president, investor relations, mobile:
+47 957 83 911

Investor relations US:

Morten Sven Johannessen, vice president, investor relations USA, mobile:
+1 203 570 2524

Press Norway:

Jannik Lindbæk jr., vice president, media relations, mobile: +47 977 55 622

Bård Glad Pedersen, press spokesperson, media relations, mobile: +47 918 01 791

Press US:

Ola Morten Aanestad, vice president, North America communication, mobile:
+1 713 498 0585

Additional information

This communication is neither an offer to purchase nor a solicitation of an
offer to sell any shares of the common stock of Brigham Exploration Company or
any other securities. Statoil ASA and Fargo Acquisition Inc. will file on
October 28, 2011 a tender offer statement on Schedule TO, including an offer to
purchase, a letter of transmittal and related documents, with the SEC. The offer
to purchase shares of Brigham common stock (the "Offer") will only be made
pursuant to the offer to purchase, the letter of transmittal and related
documents filed with such Schedule TO. INVESTORS AND STOCKHOLDERS ARE URGED TO
READ BOTH THE TENDER OFFER STATEMENT, AS FILED AND AS IT MAY BE AMENDED FROM
TIME TO TIME, AND THE SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE OFFER,
AS FILED AND AS IT MAY BE AMENDED FROM TIME TO TIME, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION REGARDING THE OFFER. The solicitation/recommendation
statement on Schedule 14D-9 will be filed on October 28, 2011 with the SEC by
Brigham. Investors and stockholders may obtain a free copy of these statements
(when available) and other documents filed with the SEC free of charge at the
website maintained by the SEC at www.sec.gov or by directing such requests to
Innisfree M&A Incorporated at (877) 687-1875.

None of the information included on any Internet website maintained by Statoil,
Brigham or any of their affiliates, or any other Internet website linked to any
such website, is incorporated by reference in or otherwise made a part of this
press release.


This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


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