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Denbury Resources Inc. Announces Preliminary Results Of Merger Consideration Elections By Encore Stockholders

Merger consideration elections with respect to Encore shares pursuant to the notice of guaranteed delivery procedure require the delivery of Encore stock certificates representing such shares (or a confirmation evidencing the book-entry transfer of such shares) to the exchange agent, BNY Mellon Shareowner Services, by 5:00 p.m. Eastern Standard Time on March 5, 2010. If the exchange agent does not receive the required certificates or confirmation of transfer by this guaranteed delivery deadline, the Encore shares subject to such election will be treated as shares for which no valid election was made.

Based on the preliminary information above and the terms of the merger agreement, and assuming for purposes of these calculations that the number of issued and outstanding shares of Encore common stock immediately prior to the merger equals the number of shares outstanding on the record date:

  • Encore stockholders who made valid elections to receive all cash consideration will receive approximately 92% of the total consideration for their Encore shares in cash, and the remainder in shares of Denbury common stock;
  • Encore stockholders who made valid elections to receive all stock consideration will receive 100% of the consideration for their Encore shares in the form of shares of Denbury common stock;
  • Encore stockholders electing mixed cash and stock consideration, and stockholders that failed to make an election, will be paid $15.00 per share in cash and will receive a number of common shares determined by dividing $35.00 by the Denbury 20-day average price.

The final results of the merger consideration elections are expected to be announced on or about March 9, 2010. Pursuant to the merger agreement between Denbury and Encore, fractional shares of Denbury common stock will not be issued. In lieu thereof, Encore stockholders will receive cash for their fractional share interests based on the closing price of Denbury common stock on the business day immediately prior to the closing of the merger.

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