Denbury Completes Second Phase of Bakken Sale and Asset Exchange

Denbury Completes Second Phase of Bakken Sale and Asset Exchange

            Acquires Additional Carbon Dioxide ("CO[2]") Reserves

PLANO, Texas, Dec. 24, 2012 (GLOBE NEWSWIRE) -- Denbury Resources Inc.
(NYSE:DNR) ("Denbury" or the "Company") today announced the closing of the
second and final 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 closing, ExxonMobil
retained $350 million cash and Denbury retained a 17.5% interest in the Bakken
area assets to enable an exchange of the retained Bakken assets for roughly
one-third of ExxonMobil's CO[2] reserves in LaBarge Field in Wyoming. In this
second phase closing, ExxonMobil exchanged the contemplated interest in the
CO[2] reserves and residual cash balances, after preliminary closing
adjustments, for Denbury's retained interest in the Bakken area
assets.Denbury has now transferred all of its Bakken area assets to
ExxonMobil for approximately $1.3 billion of cash (which includes preliminary
closing adjustments) along with ExxonMobil's operating interests in Webster
Field in Texas and Hartzog Draw Field in Wyoming and a portion of its CO[2]
reserves in Wyoming.

Based on the current capacity of the LaBarge plant and subject to
availability, Denbury expects that it could receive up to approximately 115
million cubic feet per day of CO[2] from the plant.Denbury will pay
ExxonMobil a fee to deliver the CO[2] which will initially be used to flood
its Bell Creek and Grieve fields along with the newly acquired Hartzog Draw
Field.This additional Rocky Mountain CO[2] supply will allow Denbury to
accelerate the planned CO[2] flood of Hartzog Draw Field and potentially defer
a portion of the planned development of its Riley Ridge CO[2] reserves.

Denbury continues to pursue using a portion of the cash proceeds from the
transaction 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
transaction remains 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,
future development plans, 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: DENBURY CONTACTS:
         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

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