PLANO, Texas, March 28, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") today announced the closing of its acquisition of producing property interests in the Cedar Creek Anticline ("CCA") of Montana and North Dakota from a wholly-owned subsidiary of ConocoPhillips (NYSE:COP) for cash consideration of $1.05 billion before purchase price adjustments. The acquired assets include additional interests in certain of Denbury's existing operated fields in CCA along with operating interests in other CCA fields. The Company estimates the final adjusted purchase price will be closer to $1.0 billion after adjustment for the net cash flows from the assets between the January 1, 2013 effective date and the closing date. The purchase was part of a like-kind exchange transaction that was funded with a portion of the cash received from the Company's Bakken sale and asset exchange with ExxonMobil completed in December 2012.
As previously announced, Denbury estimates the acquired properties will contribute approximately 7,700 barrels of oil equivalent per day ("BOE/d") to its full-year 2013 average daily production, which reflects estimated average daily production of about 10,200 BOE/d for the remainder of the year. Approximately 99% of this production is estimated to be oil and natural gas liquids. With closing occurring as scheduled, the Company's full-year 2013 annual production estimates remain unchanged at the levels shown in the following table:
|Operating Area||2013 Estimated Production (BOE/d)|
|Tertiary||36,500 – 39,500|
|Cedar Creek Anticline Other Rockies Non-Tertiary||16,200 5,400|
|Texas Non-Tertiary Other Gulf Coast Non-Tertiary||6,300 4,300|
|Total Production||68,700 – 71,700|
First Quarter 2013 Results News Release and Conference Call InformationDenbury will host a conference call to review and discuss first quarter 2013 financial and operating results on Thursday, May 2, 2013 at 10:00 A.M. (Central). Results will be released before the market opens on the day of the conference call and the full text of the news release will be available on the Company's website at www.denbury.com . Individuals that would like to participate should dial the applicable dial-in number listed below ten minutes before the scheduled start time and provide the confirmation number to the operator.
What: First Quarter 2013 Results Conference Call Date: Thursday, May 2, 2013 Time: 10:00 A.M. (Central) / 11:00 A.M. (Eastern) Dial-in number: 800.230.1096 International dial-in number: 612.332.0725 Confirmation number: 260590To access a live audio webcast of the conference call, please visit the investor relations section of the Company's website. The call will be archived on the website for at least 30 days and a telephonic replay will be accessible for one month after the call by dialing 800.475.6701 or 320.365.3844 and entering confirmation number 260590.
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