PLANO, Texas, Jan. 28, 2014 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per common share, a rate of $0.25 per share on an annualized basis, payable March 25, 2014, to shareholders of record as of the close of business on February 25, 2014. This will be the first cash dividend paid to stockholders in Denbury's history and marks the expansion of the Company's shareholder value proposition to include quarterly cash dividends.
Phil Rykhoek, Denbury's President and CEO commented, "The declaration of our first-ever quarterly dividend represents an important step in our path to becoming a leading growth and income company. We remain focused on developing our significant inventory of enhanced oil recovery projects in order to increase shareholder value through growth in production, reserves, and dividends. Based on our current financial projections and commodity price outlook, we expect to grow our annual dividend rate to between $0.50 and $0.60 per share in 2015 and at a sustainable rate thereafter. We look forward to executing our value driven growth and income strategy in 2014 and beyond."Conference Presentation and Fourth Quarter and Full Year 2013 Results Conference Call Phil Rykhoek will be presenting at the Credit Suisse 19 th Annual Energy Summit on Wednesday, February 12, 2014, at 10:25 A.M. (Mountain) in Vail, Colorado. A live audio webcast and the slides of the presentation will be available on the Company's website and will be archived there for approximately 30 days after the presentation. Prior to the presentation, Denbury plans to publish a news release disclosing 2013 year-end reserves and estimated 2013 production and capital expenditures, the full text of which will be available on the Company's website. Denbury will host a conference call to review and discuss fourth quarter and full year 2013 financial and operating results on Thursday, February 20, 2014 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. Individuals who 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: Denbury Resources Fourth Quarter and Full Year 2013 Results Conference Call
Date: Thursday, February 20, 2014
Time: 10:00 A.M. (Central) / 11:00 A.M. (Eastern)
Dial-in numbers: 800.230.1096 (domestic) and 612.332.0725 (international)
Confirmation number: 260593A live audio webcast of the results conference call will be available on the Company's website. This audio webcast will be archived on the website for at least one month 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 260593.