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Press release from GlobeNewswire (a Nasdaq OMX company)

Denbury Announces Sale of Non-Operated Assets

Wednesday, April 11, 2012

Denbury Announces Sale of Non-Operated Assets05:30 EDT Wednesday, April 11, 2012PLANO, Texas, April 11, 2012 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") today announced that it has entered into a definitive agreement and completed the sale of certain non-operated assets in the Greater Aneth Field in the Paradox Basin of Utah for $75 million to Resolute Energy Corporation and the Navajo Nation Oil and Gas Company. Denbury's proved reserves related to the assets sold were approximately 6.4 million barrels of oil equivalent (BOE) as of December 31, 2011 and were 98% oil and 58% proved developed producing. The Company's previously issued 2012 production guidance assumed daily production from the assets of approximately 650 BOE per day. Denbury also announced that at the end of February, it had completed the previously announced sale of certain non-core assets for $155 million. Taking into account their respective closing dates, the asset sales will reduce Denbury's 2012 production guidance by approximately 1,625 BOE per day. Phil Rykhoek, Denbury's President and CEO, said, "This sale completes our planned 2012 non-core asset divestitures. Altogether, we sold assets for approximately $313.5 million, before taxes and closing adjustments, consisting of the sale of Vanguard Natural Resources units in January for $83.5 million, the sale of Gulf Coast assets at the end of February for $155 million, and now the sale of Paradox Basin assets for $75 million. Total proceeds from the sales exceeded the upper end of our budgeted range of $150 million to $300 million."Conference Presentation Phil Rykhoek, Denbury's President and CEO, will be presenting at the IPAA OGIS New York Conference on April 16, 2012, at 3:45 P.M. (Eastern).  Denbury plans to post the slides for the presentation to its website,, on April 16.  The presentation will be webcast live and will be available on Denbury's website for approximately 30 days thereafter. Denbury Resources Inc. is a growing independent oil and natural gas company. The Company is the largest oil and natural gas operator in both Mississippi and Montana, owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in the Rockies and Gulf Coast regions. The Company's goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with its most significant emphasis relating to tertiary oil recovery operations. For more information about Denbury, please visit The Denbury Resources Inc. logo is available at This press release, other than historical financial information, contains forward-looking statements that involve risks and uncertainties, including forecasted 2012 production levels from divested properties and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including Denbury's most recent reports on Form 10-K and Form 10-Q. These risks and uncertainties are incorporated by this reference as though fully set forth herein. These statements are based on engineering, geological, financial and operating assumptions that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially.CONTACT: Phil Rykhoek, President and CEO, 972-673-2000 Mark Allen, Sr. VP and CFO, 972-673-2000 Jack Collins, Executive Director Investor Relations, 972-673-2028