San Diego, Oct. 17, 2011 (Shareholders Foundation) -- The announcement that Brigham Exploration Company agreed to be acquired by Statoil ASA for $36.50 per NASDAQ:BXEP share prompted an investigation on behalf of investors of Brigham Exploration Company (NASDAQ: BEXP) concerning whether the offer to acquire Brigham Exploration (BEXP) and the buyout process are unfair to investors of NASDAQ BEXP and whether certain of its officers and directors or others breach their fiduciary duties owed investors in Brigham Exploration Company (BEXP) shares.

The investigation by a law firm concerns whether Brigham Exploration Company, certain of its officers and directors, and/or others breached their fiduciary duties owed Brigham Exploration (NASDAQ:BEXP) investors in connection with the proposed merger.

On, Monday, Oct. 17, 2011, October 17, 2011, Brigham Exploration Company (NASDAQ: BEXP) and Statoil ASA (OSE: STL) (NYSE: STO) announced that the companies have entered into an merger agreement for Statoil ASA to acquire Brigham Exploration Company for US$36.50 per share by means of an all-cash tender offer for all of the issued and outstanding shares of Brigham Exploration Company.

Following the takeover proposal, NASDAQ BEXP shares jumped from $30.36 on Friday to $36.38 on Monday.

However, NASDAQ: BEXP stocks traded as recently as April 5, 2011 as high as $37.35 per share, thus well above the $36.50offer.

Additionally, at least one analyst has set a price target as high as $45.00 per share for BXEP stocks.

Therefore, the investigation concerns on whether Statoil ASA would underpay for NASDAQ:BEXP shares, thus unlawfully harming Brigham Exploration stockholders. Furthermore, the investigation concerns whether the Brigham Exploration Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to Brigham Exploration Company (NASDAQ:BEXP) shareholders by failing to adequately shop the Company before entering into this transaction.

Brigham Explorations financial performance improved lately. Brigham Explorations annual Revenue rose from $70.34million for 2009 to $169.72million for 2010 and Brigham Exploration was able to pull out of a Net Loss of $122.99million for 09 and report a Net Income of $42.90million in 2010. Additionally, Brigham Exploration Company reported that its second quarter Revenue rose from $44.93million last year to $128.04million this year and its second quarter Net Income increased from $18.47million for the second quarter 2010 to a second quarter Net Income of $70.83million for the second quarter in 2011.

Furthermore, shares of Brigham Exploration Company (Public, NASDAQ:BEXP) grew at an exceptional growth rate. NASDAQ: BEXP stocks grew from as low as $1.14 per share in March 09 to over $37 in April 2011.

A potential securities class action lawsuit would seek to maximize the amount of money and information Brigham Exploration NASDAQ:BEXP shareholders would receive in a buyout, so the law firm.