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Denbury Announces Proved Reserves And Production

Stocks in this article: DNR

Replaces 330% of Proved Reserves

Increases Tertiary Proved Reserves by 15% on Initial Bookings for Bell Creek Field

PLANO, Texas, Feb. 11, 2014 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") announced today that its total estimated proved oil and natural gas reserves at December 31, 2013 were 468 million barrels of oil equivalent ("MMBOE"), consisting of 387 million barrels of crude oil, condensate and natural gas liquids (together, "liquids"), and 81 MMBOE (or 490 billion cubic feet) of natural gas. Reserves were 83% liquids and 62% proved developed, and 49% of such reserves were attributable to Denbury's carbon dioxide ("CO 2") enhanced oil recovery ("tertiary") operations. Total tertiary reserves at December 31, 2013 were 230 MMBOE, up 15% from the prior year-end level of these reserves of 201 MMBOE, primarily as a result of initial tertiary reserves bookings at Bell Creek Field in the Rocky Mountain region during the fourth quarter.

Denbury's aggregate proved reserves additions during 2013 were 85 MMBOE, representing a 330% reserves replacement-to-production ratio. The proved reserve additions consisted primarily of 34 MMBOE of reserves from tertiary development of Bell Creek Field and 42 MMBOE of reserves acquired in the Cedar Creek Anticline of Montana and North Dakota during the first quarter of 2013.  These additions were offset by 26 MMBOE of production during the year. The following is a preliminary reconciliation of the change in the Company's estimated proved oil and natural gas reserves quantities between December 31, 2012 and December 31, 2013:

Balance at December 31, 2012 409
Extensions & discoveries and improved recoveries 34
Acquisitions 43
Revisions 8
Estimated 2013 production (26)
  Balance at December 31, 2013  468

The estimated discounted net present value of Denbury's proved reserves at December 31, 2013, before projected income taxes, using a 10% per annum discount rate ("PV-10 Value", a non-GAAP measure), was $10.6 billion, as compared to $9.9 billion at December 31, 2012. PV-10 Value and estimated proved reserves for 2013 were computed using first-day-of-the-month 12-month average prices of $96.94 per barrel ("Bbl") for oil (based on NYMEX prices) and $3.67 per million British thermal unit ("MMBtu") for natural gas (based on Henry Hub cash prices), adjusted for prices received at the field (an average of $100.55 per Bbl for oil and $3.43 per thousand cubic feet ("Mcf") for natural gas).  Comparative prices for year-end 2012 were $94.71 per Bbl of oil and $2.85 per MMBtu of natural gas, adjusted for prices received at the field (an average of $102.58 per Bbl for oil and $2.39 per Mcf for natural gas).

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