Denbury Commences Offers For Encore Senior Subordinated Notes

Denbury Resources Inc. (NYSE: DNR) (the “Company”) today announced that it has commenced cash tender offers to purchase any and all of three series of Encore Acquisition Company’s (NYSE: EAC) (“Encore”) outstanding senior subordinated notes:

• Encore’s 6.25% Senior Subordinated Notes due 2014,
• Encore’s 6.0% Senior Subordinated Notes due 2015, and
• Encore’s 7.25% Senior Subordinated Notes due 2017 (collectively, the “Notes”),

upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated the date hereof (as it may be amended or supplemented from time to time, the “Statement”), and in the related Letter of Transmittal and Consent (as the same may be amended or supplemented from time to time, the “Letter of Transmittal”). The tender offers are referred to herein collectively as the “Offers.” The Statement and Letter of Transmittal are referred to herein collectively as the “Offer Documents.”

As of February 8, 2010, $150.0 million of 6.25% Notes, $300.0 million of 6.0% Notes and $150.0 million of 7.25% Notes were outstanding.

Concurrently with the Offers, and on the terms and subject to the conditions set forth in the Statement, the Company is soliciting, with respect to each series of Notes (collectively, the “Solicitations”), consents (“Consents”) of holders of the Notes to, among other things, eliminate most of the restrictive covenants, eliminate or modify certain events of default, and eliminate or modify related provisions contained in each indenture governing the Notes (the “Proposed Amendments”).

The Offers and the Solicitations will expire at 5:00 p.m., New York City time, on March 9, 2010, unless extended or earlier terminated by the Company (such time and date, as it may be extended, the “Expiration Date”). The Company reserves the right to terminate, withdraw, or amend the Offers and the Solicitations at any time subject to applicable law.