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OMB APPROVAL
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- -------- OMB Number: 3235-0104
FORM 3 Expires: December 31, 2001
- -------- Estimated average burden
hours per response.... 0.5
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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<S> <C> <C> <C>
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1. Name and Address of Reporting Person* 2. Date of Event Requiring 4. Issuer Name and Ticker or 6. If Amendment, Date
Statement Trading Symbol of Original
Shell Capital Inc. (Month/Day/Year) Brigham Exploration Company-BEXP (Month/Day/Year)
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(Last) (First) (Middle) 03/17/00 5. Relationship of Reporting -----------------------
910 Louisiana, Suite 5000 ---------------------------- Person(s) to Issuer 7. Individual or Joint/
- ---------------------------------------- 3. I.R.S. Identification (Check all applicable) Group Filing (Check
(Street) Number of Reporting Director X 10% Owner Applicable Line)
Person, if an entity ----- ----- Form filed by
Houston TX 77002 (voluntary) Officer Other (specify --- One Reporting
- -------------------------------------- ----- ----- below) Person
(City) (State) (Zip) ---------------------------- (give title below) X Form filed by
--- More than One
------------------------------ Reporting Person
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TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership (Instr. 5)
(Instr. 5)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
*If the form is filed by more than one reporting person, see Instruction 5(b)(v). SEC 1473 (3-99)
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTIONS OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS
A CURRENTLY VALID OMB CONTROL NUMBER.
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<TABLE>
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FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security 2. Date 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) Exercisable and Securities Underlying sion or ship Beneficial Ownership
Expiration Date Derivative Security Exercise Form of (Instr. 5)
(Month/Day/ (Instr. 4) Price of Deriv-
Year) Deri- ative
vative Security:
Security Direct
------------------------------------------------- (D) or
Date Expira- Amount or Indirect (I)
Exercis- tion Title Number (Instr. 5)
able Date of Shares
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CONVERTIBLE NOTES 05/17/00 12/31/02 Common Stock 2,564,102(1) $3.90 D
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CONVERTIBLE NOTES 05/17/00 12/31/02 Common Stock 1,666,667(2) $6.00 D
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CONVERTIBLE NOTES 05/17/00 12/31/02 Common Stock 1,250,000(3) $8.00 D
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WARRANTS(4) 05/17/00(4) 12/30/03 Common Stock 2,564,102(4) $3.90 D
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WARRANTS(4) 05/17/00(4) 12/30/03 Common Stock 1,666,667(4) $6.00 D
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WARRANTS(4) 05/17/00(4) 12/30/03 Common Stock 1,250,000(4) $8.00 D
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Explanation of Responses:
1 Up to $10,000,000 of outstanding debt under the Amended and Restated Credit
Agreement (the "Credit Agreement") dated February 17, 2000 between Brigham
Oil & Gas, L.P., a Delaware limited partnership, certain financial
institutions party thereto (including Shell Capital Inc.) and the Bank of
Montreal, as agent for the Lenders, subject to the satisfaction of certain
conditions, may be converted into up to 2,564,102 shares of common stock at a
conversion price of $3.90 per share.
2 An additional $10,000,000 of outstanding debt under the Credit Agreement,
subject to the satisfaction of certain conditions, may be converted into up
to 1,666,667 shares of common stock at a conversion price of $6.00 per share,
after the conversion of all Convertible Notes with an exercise price of
$3.90.
3 An additional $10,000,000 of outstanding debt under the Credit Agreement,
subject to the satisfaction of certain conditions, may be converted into up
to 1,250,000 shares of common stock at a conversion price of $8.00 per share,
after the conversion of all Convertible Notes with an exercise price of
$6.00.
4 The Warrants are exercisable only upon the repayment of outstanding debt
under the Credit Agreement, subject to the satisfaction of certain conditions
contained therein and subject to certain additional conditions as set forth
in the Warrant Agreement (the "Warrant Agreement") dated February 17, 2000,
between Brigham Exploration Company and Shell Capital Inc.; and the number of
shares of common stock into which the Warrants may be converted shall be
reduced by the number of shares obtained by the conversion of the Convertible
Notes into shares of common stock, so that in no event can more than
5,480,769 shares of common stock be issued to Shell Capital Inc. pursuant to
the Credit Agreement and the Warrant Agreement.
/s/ RON W. LEFTWICH,
President, Shell Capital Inc. March 28,2000
**Intentional misstatements or omissions of facts constitute Federal Criminal ------------------------------- -------------
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date
Note. File three copies of this Form, one of which must be manually signed. Page 2
If space provided is insufficient, See Instruction 6 for procedure. SEC 1473 (3-99)
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Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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JOINT FILING STATEMENT
Shell Oil Company ("Shell Oil") is deemed to be the beneficial owner
of the shares of common stock described on the Form 3 attached hereto as filed
by Shell Capital Inc. ("Shell Capital") because Shell Capital is a wholly-owned
subsidiary of Shell Oil. Therefore, Shell Oil joins Shell Capital in filing
this Form 3.
Shell Oil Company
One Shell Plaza
910 Louisiana
Houston, Texas 77002
SHELL OIL COMPANY
By: /s/ RON W. LEFTWICH
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Name: R. W. Leftwich
Title: Treasurer
Shell Petroleum Inc. ("Shell Petroleum") is deemed to be the beneficial
owner of the shares of common stock described on the Form 3 attached hereto as
filed by Shell Capital Inc. ("Shell Capital") because Shell Capital is a
wholly-owned subsidiary of Shell Oil which is a wholly-owned subsidiary of
Shell Petroleum. Therefore, Shell Petroleum joins Shell Capital in filing this
Form 3.
Shell Petroleum Inc.
1105 Market Street
Suite 1300
Wilmington, Delaware 19899
SHELL PETROLEUM INC.
By: /s/ RON W. LEFTWICH
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Name: R. W. Leftwich
Title: Assistant Treasurer
