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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): December 9, 2008</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>BRIGHAM EXPLORATION COMPANY<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-22433</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>75-2692967</B></TD>
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<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>6300 Bridgepoint Pkwy, Bldg. Two, Suite 500, Austin, Texas<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>78730</B></TD>
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<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(512) 427-3300</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;1.01.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Entry into a Material Definitive Agreement.</B></TD>
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<P align="left" style="font-size: 10pt; text-indent: 2%">The information set forth under &#147;Item&nbsp;3.03. Material Modification to Rights of Security Holders&#148; is incorporated
herein by reference.

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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;3.03.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Material Modifications to Rights of Security Holders.</B></TD>
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<P align="left" style="font-size: 10pt; text-indent: 2%">On December&nbsp;9, 2008, the Board of Directors of Brigham Exploration Company (the &#147;Company&#148;) declared a dividend
distribution of one preferred stock purchase right (a &#147;Right&#148;) for each outstanding share of Common Stock, $0.01 par
value per share (the &#147;Common Stock&#148;), of the Company. The distribution is payable to the stockholders of record on
December&nbsp;22, 2008. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a
share of the Company&#146;s Series&nbsp;C Junior Participating Preferred Stock (the &#147;Preferred Stock&#148;) at a price of $24.00 per
one one-thousandth of a share of Preferred Stock (the &#147;Purchase Price&#148;), subject to adjustment. The description and
terms of the Rights are set forth in a Rights Agreement (the &#147;Rights Agreement&#148;) between the Company and American Stock
Transfer &#038; Trust Company, LLC, as Rights Agent (the &#147;Rights Agent&#148;).


<P align="left" style="font-size: 10pt; text-indent: 2%">Until the earlier to occur of (i)&nbsp;the tenth day following a public announcement that a person or group of
affiliated or associated persons (unless otherwise excluded) (an &#147;Acquiring Person&#148;) acquired beneficial ownership of
15% or more of the outstanding shares of the Common Stock, including
through derivatives, (the &#147;Shares Acquisition Date&#148;) or (ii)&nbsp;the tenth business
day (or such later date as may be determined by action of the Board of Directors prior to such time as any person or
group of affiliated or associated persons becomes an Acquiring Person) after the commencement of, or announcement of an
intention to commence, a tender offer or exchange offer the consummation which would result in any person becoming an
Acquiring Person (the earlier of such dates being called the &#147;Distribution Date&#148;), the Rights will be evidenced, with
respect to any of the Common Stock outstanding as of December&nbsp;22, 2008, by such Common Stock certificate containing a
notation incorporating the Rights Agreement by reference.


<P align="left" style="font-size: 10pt; text-indent: 2%">The Rights Agreement provides that, until the Distribution Date (or earlier redemption or expiration of the
Rights), the Rights will be transferred with and only with the Common Stock. Until the Distribution Date (or earlier
redemption or expiration of the Rights), the surrender for transfer of any of the Common Stock certificates outstanding
as of December&nbsp;22, 2008, will also constitute the transfer of the Rights associated with the Common Stock represented
by such certificate. As soon as practicable following the Distribution Date, separate certificates evidencing the
Rights (&#147;Right Certificates&#148;) will be mailed to holders of record of the Common Stock as of the close of business on
the Distribution Date and such separate Right Certificates alone will evidence the Rights.


<P align="left" style="font-size: 10pt; text-indent: 2%">The Rights are not exercisable until the Distribution Date. The Rights will expire on December&nbsp;10, 2009, (the
&#147;Final Expiration Date&#148;), unless the Final Expiration Date is extended or unless earlier redeemed or exchanged by the
Company, in each case, as described below.


<P align="left" style="font-size: 10pt; text-indent: 2%">Shares of Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred
Stock will be entitled to an aggregate dividend of 1,000 times the dividend declared on one share of the Common Stock.
In the event of liquidation, the holders of the Preferred Stock will be entitled to receive an aggregate liquidation
payment equal to 1,000 times the payment made on one share of Common Stock. Each share of Preferred Stock will have
1,000 votes voting together with the Common Stock. Finally, in the event of any merger, consolidation or other
transaction in which shares of Common Stock are exchanged, each share of Preferred Stock will be entitled to receive
1,000 times the amount received per one share of Common Stock. The Rights are protected by customary anti-dilution
provisions. Because of the nature of the Preferred Stock dividend, liquidation and voting rights, the value of the one
one-thousandth interest in a share of Preferred Stock purchasable upon exercise of each Right should approximate the
value of one share of Common Stock.


<P align="left" style="font-size: 10pt; text-indent: 2%">The Purchase Price payable, and the number of shares of the Preferred Stock or other securities or property
issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i)&nbsp;in the event
of a stock dividend on, or a subdivision, combination or reclassification of the Preferred Stock, (ii)&nbsp;upon the grant
to holders of the Preferred Stock of certain rights or warrants to subscribe for shares of the Preferred Stock or
convertible securities at less than the then-current market price of the Preferred Stock or (iii)&nbsp;upon the distribution
to holders of the Preferred Stock of evidences of indebtedness or assets (excluding regular periodic cash dividends out of earnings or retained earnings at a rate not in excess of 125% of the rate of the last cash dividend theretofore
paid or dividends payable in the Preferred Stock) or of subscription rights or warrants (other than those referred to
above).

<P align="center" style="font-size: 10pt; text-indent: 2%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
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<P align="left" style="font-size: 10pt; text-indent: 2%">The number of outstanding Rights and the number of one one-thousandths of a share of Preferred Stock issuable upon
exercise of each Right are also subject to adjustment in the event of a stock split of the Common Stock or a stock
dividend on the Common Stock payable in shares of Common Stock or subdivisions, consolidations or combinations as of
the Common Stock occurring, in any such case, prior to the Distribution Date.


<P align="left" style="font-size: 10pt; text-indent: 2%">In the event that the Company is acquired in a merger or other business combination transaction or that 50% or
more of its assets or earning power are sold after a person or group has become an Acquiring Person, proper provision
will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise thereof at the
then current exercise price of the Right, that number of shares of common stock of the acquiring company which at the
time of such transaction would have a market value of two times the exercise price of the Right. Subject to certain
exchange rights that may be exercised by the Board, in the event that any person or group of affiliated or associated
person becomes an Acquiring Person, proper provision will be made so that each holder of a Right, other than Rights
that were or are beneficially owned by the Acquiring Person (which will thereafter be void), will thereafter have the
right to receive upon exercise that number of shares of the Common Stock having a market value of two times the
exercise price of the Right.


<P align="left" style="font-size: 10pt; text-indent: 2%">With certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments require
an adjustment of at least 1% in such Purchase Price. No fractional shares of Preferred Stock will be issued (other
than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the
election of the Company, be evidenced by depositary receipts) and, in lieu thereof, an adjustment in cash will be made
based on the market price of the Preferred Stock on the last trading date prior to the date of exercise.


<P align="left" style="font-size: 10pt; text-indent: 2%">At any time after any person or group becomes an Acquiring Person and prior to the acquisition by such person or
group of 50% or more of the outstanding shares of Common Stock, the Board of Directors of the Company may exchange the
Rights (other than Rights owned by such person or group which will have become void) in whole or in part, at an
exchange ratio of one share of Common Stock, or one one-thousandth of a Preferred Share per Right (subject to
adjustment) (the &#147;Exchange Right&#148;). Notwithstanding the above, the Board of Directors may not exercise the Exchange
Rights after any person, together with any associate or affiliate of such person, has become the beneficial owner of
50% or more of the voting power of the shares of Common Stock.


<P align="left" style="font-size: 10pt; text-indent: 2%">At any time prior to 5:00 P.M. Austin, Texas time on the earlier of (i)&nbsp;the Distribution Date or (ii)&nbsp;the Final
Expiration Date, the Board of Directors of the Company may redeem the Rights in whole, but not in part, at a price of
$.01 per Right (the &#147;Redemption Price&#148;).


<P align="left" style="font-size: 10pt; text-indent: 2%">Immediately upon the action of the Board of Directors of the Company electing to redeem or exchange the Rights,
the Company shall make announcement thereof, and upon such election, the right to exercise the Rights will terminate
and the only right of the holders of Rights will be to receive the Redemption Price, or the shares of Common Stock or
Preferred Stock exchangeable for the Rights, as applicable.


<P align="left" style="font-size: 10pt; text-indent: 2%">The terms of the Rights may be amended by the Board of Directors of the Company without the consent of the holders
of the Rights, except that from and after the Distribution Date, no such amendment may adversely affect the interests
of the holders of the Rights.


<P align="left" style="font-size: 10pt; text-indent: 2%">Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company,
including, without limitation, the right to vote or to receive dividends.


<P align="left" style="font-size: 10pt; text-indent: 2%">A copy of the Rights Agreement is being filed with the Securities and Exchange Commission as an Exhibit to this
Current Report on Form 8-K. A copy of the Rights Plan is available free of charge from the Company. This summary
description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights
Agreement, which is hereby incorporated herein by reference.


<P align="left" style="font-size: 10pt; text-indent: 2%">The information set forth in the Company&#146;s press release dated December&nbsp;10, 2008, included herewith as Exhibit
99.1, is incorporated by reference to this Current Report on Form 8-K.

<P align="center" style="font-size: 10pt; text-indent: 2%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;5.03.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year</B></TD>
</TR>
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<P align="left" style="font-size: 10pt; text-indent: 2%">Effective December&nbsp;10, 2008, the Company filed a Certificate of Designations for its Series&nbsp;C Junior Participating
Preferred Stock with the Secretary of State of the State of Delaware. Series&nbsp;C Junior Participating Preferred Stock
shall have the rights, preferences and privileges as further described under &#147;Item&nbsp;3.03. Material Modifications to
Rights of Security Holders.&#148; As of the date of this Current Report on Form 8-K, none of the shares of Series&nbsp;C Junior
Participating Preferred Stock have been issued. The description of the Series&nbsp;C Junior Participating Preferred Stock
is qualified in its entirety by reference to the Certificate of Designations, a copy of which is attached as Exhibit
3.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;9.01.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Financial Statements and Exhibits.</B></TD>
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<P align="left" style="font-size: 10pt; text-indent: 2%">(d)&nbsp;Exhibits. The following exhibits are furnished as part of this current report on Form 8-K:


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    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Item</B></TD>
</TR>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Designations of Series&nbsp;C Junior Preferred Stock of Brigham Exploration Company effective as of December&nbsp;10, 2008.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement, dated as of
December&nbsp;10, 2008, between Brigham Exploration Company and
American Stock Transfer &#038; Trust Company, LLC, as Rights Agent.</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release issued by Brigham Exploration Company dated December&nbsp;10, 2008.</TD>
</TR>
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<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>



<P align="left" style="font-size: 10pt; text-indent: 2%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BRIGHAM EXPLORATION COMPANY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: December&nbsp;11, 2008&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Eugene B. Shepherd, Jr.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Eugene B. Shepherd, Jr.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Executive Vice President &#038;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4
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<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Item</B></TD>
</TR>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Designations of Series&nbsp;C Junior Preferred Stock of Brigham Exploration Company effective as of December&nbsp;10, 2008.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement, dated as of
December&nbsp;10, 2008, between Brigham Exploration Company and
American Stock Transfer &#038; Trust Company, LLC, as Rights Agent.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release issued by Brigham Exploration Company dated December&nbsp;10, 2008.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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{"company-data": {"conformed-name": "BRIGHAM EXPLORATION CO", "cik": "0001034755", "assigned-sic": "1311", "irs-number": "752692967", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22433", "film-number": "081244213"}, "business-address": {"street1": "6300 BRIDGE POINT PARKWAY", "street2": "BLDG 2 SUITE 500", "city": "AUSTIN", "state": "TX", "zip": "78730", "phone": "5124273300"}, "mail-address": {"street1": "6300 BRIDGE POINT PARKWAY", "street2": "BLDG 2 SUITE 500", "city": "AUSTIN", "state": "TX", "zip": "78730"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 9, 2008
BRIGHAM EXPLORATION COMPANY
(Exact name of registrant as specified in its charter)
Delaware
000-22433
75-2692967
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
6300 Bridgepoint Pkwy, Bldg. Two, Suite 500, Austin, Texas
78730
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(512) 427-3300
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.
Entry into a Material Definitive Agreement.
The information set forth under "Item 3.03. Material Modification to Rights of Security Holders" is incorporated
herein by reference.
Item 3.03.
Material Modifications to Rights of Security Holders.
On December 9, 2008, the Board of Directors of Brigham Exploration Company (the "Company") declared a dividend
distribution of one preferred stock purchase right (a "Right") for each outstanding share of Common Stock, $0.01 par
value per share (the "Common Stock"), of the Company. The distribution is payable to the stockholders of record on
December 22, 2008. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a
share of the Company's Series C Junior Participating Preferred Stock (the "Preferred Stock") at a price of $24.00 per
one one-thousandth of a share of Preferred Stock (the "Purchase Price"), subject to adjustment. The description and
terms of the Rights are set forth in a Rights Agreement (the "Rights Agreement") between the Company and American Stock
Transfer & Trust Company, LLC, as Rights Agent (the "Rights Agent").
Until the earlier to occur of (i) the tenth day following a public announcement that a person or group of
affiliated or associated persons (unless otherwise excluded) (an "Acquiring Person") acquired beneficial ownership of
15% or more of the outstanding shares of the Common Stock, including
through derivatives, (the "Shares Acquisition Date") or (ii) the tenth business
day (or such later date as may be determined by action of the Board of Directors prior to such time as any person or
group of affiliated or associated persons becomes an Acquiring Person) after the commencement of, or announcement of an
intention to commence, a tender offer or exchange offer the consummation which would result in any person becoming an
Acquiring Person (the earlier of such dates being called the "Distribution Date"), the Rights will be evidenced, with
respect to any of the Common Stock outstanding as of December 22, 2008, by such Common Stock certificate containing a
notation incorporating the Rights Agreement by reference.
The Rights Agreement provides that, until the Distribution Date (or earlier redemption or expiration of the
Rights), the Rights will be transferred with and only with the Common Stock. Until the Distribution Date (or earlier
redemption or expiration of the Rights), the surrender for transfer of any of the Common Stock certificates outstanding
as of December 22, 2008, will also constitute the transfer of the Rights associated with the Common Stock represented
by such certificate. As soon as practicable following the Distribution Date, separate certificates evidencing the
Rights ("Right Certificates") will be mailed to holders of record of the Common Stock as of the close of business on
the Distribution Date and such separate Right Certificates alone will evidence the Rights.
The Rights are not exercisable until the Distribution Date. The Rights will expire on December 10, 2009, (the
"Final Expiration Date"), unless the Final Expiration Date is extended or unless earlier redeemed or exchanged by the
Company, in each case, as described below.
Shares of Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred
Stock will be entitled to an aggregate dividend of 1,000 times the dividend declared on one share of the Common Stock.
In the event of liquidation, the holders of the Preferred Stock will be entitled to receive an aggregate liquidation
payment equal to 1,000 times the payment made on one share of Common Stock. Each share of Preferred Stock will have
1,000 votes voting together with the Common Stock. Finally, in the event of any merger, consolidation or other
transaction in which shares of Common Stock are exchanged, each share of Preferred Stock will be entitled to receive
1,000 times the amount received per one share of Common Stock. The Rights are protected by customary anti-dilution
provisions. Because of the nature of the Preferred Stock dividend, liquidation and voting rights, the value of the one
one-thousandth interest in a share of Preferred Stock purchasable upon exercise of each Right should approximate the
value of one share of Common Stock.
The Purchase Price payable, and the number of shares of the Preferred Stock or other securities or property
issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event
of a stock dividend on, or a subdivision, combination or reclassification of the Preferred Stock, (ii) upon the grant
to holders of the Preferred Stock of certain rights or warrants to subscribe for shares of the Preferred Stock or
convertible securities at less than the then-current market price of the Preferred Stock or (iii) upon the distribution
to holders of the Preferred Stock of evidences of indebtedness or assets (excluding regular periodic cash dividends out of earnings or retained earnings at a rate not in excess of 125% of the rate of the last cash dividend theretofore
paid or dividends payable in the Preferred Stock) or of subscription rights or warrants (other than those referred to
above).
The number of outstanding Rights and the number of one one-thousandths of a share of Preferred Stock issuable upon
exercise of each Right are also subject to adjustment in the event of a stock split of the Common Stock or a stock
dividend on the Common Stock payable in shares of Common Stock or subdivisions, consolidations or combinations as of
the Common Stock occurring, in any such case, prior to the Distribution Date.
In the event that the Company is acquired in a merger or other business combination transaction or that 50% or
more of its assets or earning power are sold after a person or group has become an Acquiring Person, proper provision
will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise thereof at the
then current exercise price of the Right, that number of shares of common stock of the acquiring company which at the
time of such transaction would have a market value of two times the exercise price of the Right. Subject to certain
exchange rights that may be exercised by the Board, in the event that any person or group of affiliated or associated
person becomes an Acquiring Person, proper provision will be made so that each holder of a Right, other than Rights
that were or are beneficially owned by the Acquiring Person (which will thereafter be void), will thereafter have the
right to receive upon exercise that number of shares of the Common Stock having a market value of two times the
exercise price of the Right.
With certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments require
an adjustment of at least 1% in such Purchase Price. No fractional shares of Preferred Stock will be issued (other
than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the
election of the Company, be evidenced by depositary receipts) and, in lieu thereof, an adjustment in cash will be made
based on the market price of the Preferred Stock on the last trading date prior to the date of exercise.
At any time after any person or group becomes an Acquiring Person and prior to the acquisition by such person or
group of 50% or more of the outstanding shares of Common Stock, the Board of Directors of the Company may exchange the
Rights (other than Rights owned by such person or group which will have become void) in whole or in part, at an
exchange ratio of one share of Common Stock, or one one-thousandth of a Preferred Share per Right (subject to
adjustment) (the "Exchange Right"). Notwithstanding the above, the Board of Directors may not exercise the Exchange
Rights after any person, together with any associate or affiliate of such person, has become the beneficial owner of
50% or more of the voting power of the shares of Common Stock.
At any time prior to 5:00 P.M. Austin, Texas time on the earlier of (i) the Distribution Date or (ii) the Final
Expiration Date, the Board of Directors of the Company may redeem the Rights in whole, but not in part, at a price of
$.01 per Right (the "Redemption Price").
Immediately upon the action of the Board of Directors of the Company electing to redeem or exchange the Rights,
the Company shall make announcement thereof, and upon such election, the right to exercise the Rights will terminate
and the only right of the holders of Rights will be to receive the Redemption Price, or the shares of Common Stock or
Preferred Stock exchangeable for the Rights, as applicable.
The terms of the Rights may be amended by the Board of Directors of the Company without the consent of the holders
of the Rights, except that from and after the Distribution Date, no such amendment may adversely affect the interests
of the holders of the Rights.
Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company,
including, without limitation, the right to vote or to receive dividends.
A copy of the Rights Agreement is being filed with the Securities and Exchange Commission as an Exhibit to this
Current Report on Form 8-K. A copy of the Rights Plan is available free of charge from the Company. This summary
description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights
Agreement, which is hereby incorporated herein by reference.
The information set forth in the Company's press release dated December 10, 2008, included herewith as Exhibit
99.1, is incorporated by reference to this Current Report on Form 8-K.
Item 5.03.
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Effective December 10, 2008, the Company filed a Certificate of Designations for its Series C Junior Participating
Preferred Stock with the Secretary of State of the State of Delaware. Series C Junior Participating Preferred Stock
shall have the rights, preferences and privileges as further described under "Item 3.03. Material Modifications to
Rights of Security Holders." As of the date of this Current Report on Form 8-K, none of the shares of Series C Junior
Participating Preferred Stock have been issued. The description of the Series C Junior Participating Preferred Stock
is qualified in its entirety by reference to the Certificate of Designations, a copy of which is attached as Exhibit
3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are furnished as part of this current report on Form 8-K:
Exhibit No.
Item
3.1
Certificate of Designations of Series C Junior Preferred Stock of Brigham Exploration Company effective as of December 10, 2008.
4.1
Rights Agreement, dated as of
December 10, 2008, between Brigham Exploration Company and
American Stock Transfer & Trust Company, LLC, as Rights Agent.
99.1
Press release issued by Brigham Exploration Company dated December 10, 2008.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
BRIGHAM EXPLORATION COMPANY
Date: December 11, 2008
By:
/s/ Eugene B. Shepherd, Jr.
Name: Eugene B. Shepherd, Jr.
Title: Executive Vice President &
Chief Financial Officer
INDEX TO EXHIBITS
Exhibit No.
Item
3.1
Certificate of Designations of Series C Junior Preferred Stock of Brigham Exploration Company effective as of December 10, 2008.
4.1
Rights Agreement, dated as of
December 10, 2008, between Brigham Exploration Company and
American Stock Transfer & Trust Company, LLC, as Rights Agent.
99.1
Press release issued by Brigham Exploration Company dated December 10, 2008.