Denbury Announces Closing of First Phase of Bakken Sale and Asset Exchange

Denbury Announces Closing of First Phase of Bakken Sale and Asset Exchange

Expects to Close on LaBarge Field Carbon Dioxide (CO2) Reserve Acquisition by
Year End

PLANO, Texas, Dec. 3, 2012 (GLOBE NEWSWIRE) -- Denbury Resources Inc.
(NYSE:DNR) ("Denbury" or the "Company") today announced the closing of the
first phase of its previously announced Bakken sale and asset exchange with
Exxon Mobil Corporation and its wholly-owned subsidiary XTO Energy Inc.
(collectively, "ExxonMobil"). In the first of two closings, ExxonMobil paid
cash of approximately $1.3 billion (which includes preliminary closing
adjustments) and transferred to Denbury ExxonMobil's operating interests in
Webster Field in Texas and Hartzog Draw Field in Wyoming.

For the second phase closing, which is expected to take place prior to
year-end, Denbury retained approximately 17.5% of its pre-closing interest in
Bakken area assets, and ExxonMobil withheld $350 million of cash consideration
for such Bakken area assets. The parties continue to work to finalize an
agreement and documentation pursuant to which Denbury will receive an interest
in the CO[2] reserves in ExxonMobil's LaBarge Field in Wyoming in exchange for
the retained Bakken interests, together with any necessary cash adjustments.
Barring this exchange taking place in the second phase closing as expected,
Denbury would sell its retained 17.5% Bakken area interest to ExxonMobil for
the $350 million of cash which has been withheld.

Denbury continues to pursue using a portion of the cash proceeds from the
first phase closing to purchase interests in additional oil fields in the Gulf
Coast or Rocky Mountain regions that are well suited for CO[2] enhanced oil
recovery which would qualify for like-kind exchange treatment for federal
income tax purposes.Accordingly, a substantial amount of the cash paid in the
first phase closing is being held in qualified trust accounts to fund any
future potential asset purchases.

Denbury Resources Inc. is a growing independent oil and natural gas company.
The Company is the largest combined oil and natural gas operator in both
Mississippi and Montana, owns the largest reserves of CO[2] used for tertiary
oil recovery east of the Mississippi River, and holds significant operating
acreage in the Rocky Mountain and Gulf Coast 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 its
most significant emphasis relating to tertiary oil recovery operations. For
more information about Denbury, please visit www.denbury.com.

The Denbury Resources Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11385

This press release contains forward-looking statements that involve risks and
uncertainties including those related to potential future asset acquisitions,
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.

CONTACT: Phil Rykhoek, President
         and CEO, 972.673.2000
         Mark Allen, Senior Vice President
         and CFO, 972.673.2000
         Jack Collins, Executive Director,
         Investor Relations, 972.673.2028

Denbury Resources Inc. Logo