Denbury Announces Closing of Rocky Mountain Property Acquisition

Denbury Announces Closing of Rocky Mountain Property Acquisition

Announces Date for First Quarter 2013 Results News Release and Conference Call

PLANO, Texas, March 28, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc.
(NYSE:DNR) ("Denbury" or the "Company") today announced the closing of its
acquisition of producing property interests in the Cedar Creek Anticline
("CCA") of Montana and North Dakota from a wholly-owned subsidiary of
ConocoPhillips (NYSE:COP) for cash consideration of $1.05 billion before
purchase price adjustments. The acquired assets include additional interests
in certain of Denbury's existing operated fields in CCA along with operating
interests in other CCA fields. The Company estimates the final adjusted
purchase price will be closer to $1.0 billion after adjustment for the net
cash flows from the assets between the January 1, 2013 effective date and the
closing date. The purchase was part of a like-kind exchange transaction that
was funded with a portion of the cash received from the Company's Bakken sale
and asset exchange with ExxonMobil completed in December 2012.

As previously announced, Denbury estimates the acquired properties will
contribute approximately 7,700 barrels of oil equivalent per day ("BOE/d") to
its full-year 2013 average daily production, which reflects estimated average
daily production of about 10,200 BOE/d for the remainder of the year.
Approximately 99% of this production is estimated to be oil and natural gas
liquids. With closing occurring as scheduled, the Company's full-year 2013
annual production estimates remain unchanged at the levels shown in the
following table:

Operating Area                2013 Estimated
                              Production (BOE/d)
Tertiary                      36,500 – 39,500
Cedar Creek Anticline         16,200
Other Rockies Non-Tertiary    5,400
Texas Non-Tertiary            6,300
Other Gulf Coast Non-Tertiary 4,300
Total Production              68,700 – 71,700

First Quarter 2013 Results News Release and Conference Call Information

Denbury will host a conference call to review and discuss first quarter 2013
financial and operating results on Thursday, May 2, 2013 at 10:00 A.M.
(Central).Results will be released before the market opens on the day of the
conference call and the full text of the news release will be available on the
Company's website at Individuals that would like to
participate should dial the applicable dial-in number listed below ten minutes
before the scheduled start time and provide the confirmation number to the

  What: First Quarter 2013 Results Conference Call
  Date: Thursday, May 2, 2013
  Time: 10:00 A.M. (Central) / 11:00 A.M. (Eastern)
  Dial-in number: 800.230.1096
  International dial-in number: 612.332.0725
  Confirmation number: 260590

To access a live audio webcast of the conference call, please visit the
investor relations section of the Company's website. The call will be archived
on the website for at least 30 days and a telephonic replay will be accessible
for one month after the call by dialing 800.475.6701 or 320.365.3844 and
entering confirmation number 260590.

Denbury is a growing domestic independent 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
region and Rocky Mountain region. Denbury is the largest combined oil and
natural gas producer in both Mississippi and Montana, and owns the largest
reserves of carbon dioxide used for tertiary oil recovery east of the
Mississippi River.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. For more information about Denbury, please

This press release, other than historical financial information, contains
forward-looking statements that involve risks and uncertainties including
estimated 2013 production, estimated production from newly acquired assets,
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 statements are based on
engineering, geological, 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.

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

Denbury Resources Inc. Logo
Press spacebar to pause and continue. Press esc to stop.