This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Denbury Announces Closing Of Rocky Mountain Property Acquisition

Stocks in this article: DNR

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 Information

Denbury 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: 260590

To 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs