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PLANO, Texas, April 29, 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 June 24, 2014, to shareholders of record as of the close of business on May 27, 2014. Based on its current financial projections and commodity price outlook, Denbury expects to grow its annual dividend rate to between $0.50 per share and $0.60 per share in 2015 and at a sustainable rate thereafter.
Denbury is a growing, dividend-paying, domestic oil and natural gas company. The Company's primary focus is on enhanced oil recovery utilizing carbon dioxide, and its operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. The Company's goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to tertiary recovery operations.
This news release contains forward-looking statements including statements about anticipated future dividend payments and dividend growth rates. There are a variety of risks and uncertainties, many of which are beyond Denbury's control, that affect the Company's operations, performance, business strategy and results and which could cause the payment of future dividends and/or their rate to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These risks and uncertainties include expectations and assumptions concerning estimated future cash flows, oil prices and revenues; future production rates and operating costs; performance of existing and future enhanced oil recovery projects; anticipated timing and results of capital expenditures; availability of tax benefits; and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including Denbury's most recent reports on Form 10-K and Form 10-Q. These risks and uncertainties are incorporated by this reference as though fully set forth herein. These forward-looking statements are based on engineering, geological, financial and operating assumptions that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially. Future dividends will be subject to declaration by the Company's Board of Directors at its discretion, subject to requirements of applicable law. In addition, any forward-looking statements represent the Company's estimates only as of today and should not be relied upon as representing its estimates as of any future date. Denbury assumes no obligation to update its forward-looking statements.
CONTACT: DENBURY CONTACTS:
Phil Rykhoek, President and CEO, 972.673.2000
Mark Allen, Senior Vice President and CFO, 972.673.2000
Jack Collins, Executive Director,
Finance and Investor Relations, 972.673.2028