By Dallas Business Journal

Moodyâ¿¿s Investors Service announced Wednesday that it has changed its rating outlook for Denbury Resources Inc. to negative from stable.

Moodyâ¿¿s issued a news release saying the change was prompted by Plano-based Denburyâ¿¿s (NYSE: DNR) announcement on Monday of a share buyback program of up to $500 million.

Denbury officials did not immediately return messages seeking comment.

Moody's also said Wednesday that it affirmed Denbury's Ba3 Corporate Family Rating (CFR) and assigned Denbury a Speculative Grade Liquidity Rating of SGL-3. Moody's also affirmed Denbury's Ba3 Probability of Default Rating and the B1 rating on its senior subordinated notes.

On Monday, Denbury said it was pursuing the share buyback because it believed the company was undervalued.

On Tuesday, Denbury announced the resignation of president and chief operating officer Tracy Evans, who had held the position since June 2009.

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