Announces Redemption of Senior Subordinated Notes Due March 2016 Completes $1.2 Billion Senior Subordinated Notes Offering PLANO, Texas, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") announced today that it exercised its early purchase option and has accepted for purchase the 9 ¾% senior subordinated notes due March 2016 of the Company (the "9 ¾% Notes") and the 9 ½% senior subordinated notes due May 2016 of the Company, as successor to Encore Acquisition Company (the "9 ½% Notes" and collectively with the 9 ¾% Notes, the "Notes"), tendered and not withdrawn prior to 5:00 p.m., New York City time yesterday, February 4, 2013 (the "Consent Payment Deadline"), pursuant to Denbury's previously announced tender offers and consent solicitations. As of the Consent Payment Deadline, (i) $191,678,000 principal amount of the 9 ¾% Notes, or approximately 45% of the outstanding 9 ¾% Notes, and (ii) $186,589,000 principal amount of the 9 ½% Notes, or approximately 83% of the outstanding 9 ½% Notes, had been validly tendered and not withdrawn. Payment for the Notes purchased was made today. Based on the amount of 9 ¾% Notes tendered and accepted for purchase, the Company did not receive a sufficient number of consents to adopt the proposed amendments to the indenture governing the 9 ¾% Notes. The Company has waived the Required Consent Condition and the Supplemental Indenture Condition (as such terms are defined in the Offer Documents) with respect to the 9 ¾% Notes. Based on the amount of 9 ½% Notes tendered and accepted for purchase, the Company received a sufficient number of consents to adopt the proposed amendments to the indenture governing the 9 ½% Notes. These amendments were adopted on February 5, 2013 pursuant to a supplemental indenture to the indenture governing the 9 ½% Notes which eliminated most of the restrictive covenants and certain events of default in that indenture.