Denbury Announces Initiation of Quarterly Dividends, Appointment of New Board Member, and Increase in Share Repurchase

Denbury Announces Initiation of Quarterly Dividends, Appointment of New Board
Member, and Increase in Share Repurchase Authorization

PLANO, Texas, Nov. 10, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc.
(NYSE:DNR) ("Denbury" or the "Company") today announced that senior management
will review the following key developments at the Company's annual analyst day
being held tomorrow:

  *The intention to initiate regular quarterly dividends to common
    shareholders beginning in the first quarter of 2014
  *The appointment of John P. Dielwart to the Board of Directors
  *2014 production and capital expenditure estimates
  *An increase in the amount authorized under the Company's share repurchase

Management Comment

Phil Rykhoek, Denbury's President and CEO commented, "This is an important day
for Denbury as we announce several new developments that will define our
Company for many years to come. Our focused strategy, significant inventory of
development projects and proven track record of value creation give us
confidence that we can deliver a long-term cash flow profile that is unique
among independent oil companies, and enables us to expand our shareholder
value proposition to include both growth and income.

"Our shift to a growth and income company does not contemplate any changes to
our corporate structure or the creation of a master limited partnership, since
we are not satisfied that any such changes would create a significant and
sustained increase in shareholder value. We have instead focused on the
development timeline for future projects and made adjustments to our
development plan. This will allow us to reduce our capital spending on major
infrastructure projects over the next few years, accelerating our plan of
providing a return to our shareholders through a dividend, while still growing
our reserves and production. We look forward to sharing more details about
this decision at tomorrow's analyst day.

"On behalf of the entire Denbury team, I would like to thank our shareholders
for their support and their confidence in our unique strategy that will allow
us to begin to distribute a portion of our free cash flow to them. We look
forward to executing our value driven growth and income strategy in 2014 and

Dividend Outlook

Denbury currently expects to pay a regular full-year dividend of $0.25 per
share, or $0.0625 per share quarterly, beginning in the first quarter of 2014.
Based on its current financial projections and commodity price outlook,
Denbury expects to grow its regular annual dividend rate to between $0.50 per
share and $0.60 per share in 2015, and at a sustainable rate thereafter. All
dividends are subject to declaration by Denbury's Board of Directors.

New Board Member Appointment and Chairman Comment

Denbury is pleased to announce the appointment of John P. Dielwart, to its
Board of Directors ("Board") effective November 8, 2013. The appointment of
Mr. Dielwart to the Board increases the number of Denbury Directors to ten.

Mr. Dielwart has 35 years of oil and gas industry experience, which includes
being a founder, former Chief Executive Officer, and current member of the
Board of Directors of ARC Resources Ltd. ("ARC"), a Calgary, Canada-based,
mid-sized dividend paying oil and gas company. Mr. Dielwart oversaw the growth
of ARC from a $200 million startup in 1996 to an $8 billion company at the
time of his retirement in January 2013. Mr. Dielwart is currently the
Vice-Chairman of ARC Financial Corp, Canada's leading energy focused private
equity manager, a position he assumed after his retirement from ARC. Prior to
joining ARC, Mr. Dielwart spent 12 years with a major oil and natural gas
engineering consulting firm, as Senior Vice President and Director.Mr.
Dielwart began his career at a major oil and natural gas company, where he
spent five years.Mr. Dielwart served two separate three-year terms as a
Governor of the Canadian Association of Petroleum Producers (CAPP), including
18 months (2002 to 2004) as Chairman.Mr. Dielwart is a member of the
Association of Professional Engineers and Geoscientists of Alberta (APEGA) and
received a Bachelor of Science Degree (with Distinction) in Civil Engineering
(1977) from the University of Calgary.

Wieland Wettstein, Chairman of the Board, commented, "I am pleased to announce
the appointment of John to our Board.Under John's leadership, ARC has grown
to become one of North America's preeminent mid-sized dividend paying oil and
gas companies, recognized for the quality of its people and assets and
consistent top quartile returns. We are confident that he will be an
outstanding addition that will complement our Board's skills and experience.I
look forward to the leadership and perspective that John brings, particularly
with the expansion of our strategy to include growth and income."

Share Repurchase Authorization

Denbury's Board of Directors has approved an increase in the dollar amount of
remaining share repurchases authorized under its multi-year share repurchase
program to $250 million from $109 million.The increase raises the total
amount authorized under the program since it commenced in October 2011 to $912
million, of which Denbury has spent $662 million as of September 30, 2013, to
acquire a total of 43 million common shares, or about 11% of shares
outstanding at September 30, 2011, at an average cost of $15.48 per
share.There is no set expiration date for the program and no requirement that
the entire authorized amount be used.

Analyst Day Webcast

Denbury will host its annual analyst day in Houston tomorrow, Monday, November
11, 2013.Management's presentation at the analyst day is scheduled to begin
at 1:00 P.M. (Central) and will cover a variety of topics, including those
announced in this news release, initial estimates for 2014 production and
capital expenditures, and certain alterations to the timing of future
development projects.A live audio webcast of management's presentation will
be available on the Company's website at slides for
management's presentation at the analyst day will be posted to the Company's
website today and will remain archived on the website for at least 30 days.

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 and
Rocky Mountain regions.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 visit

This news release contains forward-looking statements including statements
about our long-term strategy, anticipated levels of future dividends and rate
of dividend growth, the source of funding for capital expenditure and dividend
payments.There are a variety of risks and uncertainties, many of which are
beyond our control, that affect our operations, performance, business strategy
and results and could cause our actual results and experience to differ
materially from the assumptions, expectations and objectives expressed in any
forward-looking statements.These risks and uncertainties include expectations
and assumptions concerning oil prices and revenues; future production rates
and operating costs; performance of existing and future CO[2] enhanced oil
recovery projects; anticipated timing and results of capital expenditures; 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, financial 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.Future dividends will be subject to declaration by the Company's
Board of Directors at their discretion, subject to requirements of applicable
law.In addition, any forward-looking statements represent our estimates only
as of today and should not be relied upon as representing our estimates as of
any future date.We assume no obligation to update our forward-looking

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

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