Denbury Resources Inc. (NYSE: DNR) (“Denbury”) and Encore Acquisition Company (NYSE: EAC) (“Encore”) today jointly announced that they have received the requisite stockholder approval to merge Encore with and into Denbury. Special meetings of the stockholders of each of Denbury and Encore were held this morning to consider and vote upon proposals to adopt the Agreement and Plan of Merger, dated as of October 31, 2009, by and between Denbury and Encore, which provide for, among other things, the merger of Encore with and into Denbury, and in Denbury’s case the issuance of Denbury common stock to Encore stockholders as part of the merger consideration.
The combined company will continue to be known as Denbury Resources Inc. (the “Company”) and will be headquartered in Plano, Texas. Denbury and Encore will consummate the merger upon completion of final documentation and filings for the merger and associated financing.
Denbury Resources Inc. (
) is a growing independent oil and natural gas company. Denbury is the largest oil and natural gas operator in Mississippi, owns the largest reserves of CO
used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in Louisiana, Alabama, and Southeast Texas. Denbury's goal is to increase the value of acquired properties through tertiary recovery operations, combined with a combination of exploitation, drilling, and proven engineering extraction practices.
Denbury is headquartered in Plano, Texas (a suburb of Dallas) and employs approximately 830 employees, the majority of whom are employed in field operations or field offices.
Encore Acquisition Company (
) is engaged in the acquisition and development of oil and natural gas reserves from onshore fields in the United States. Since 1998, Encore has acquired producing properties with proven reserves and leasehold acreage and grown the production and proven reserves by drilling, exploring, reengineering or expanding existing waterflood projects, and applying tertiary recovery techniques.
Encore is headquartered in Fort Worth, Texas.