The Oil and Gas Financial Journal Transaction of the Year - Over $1billion, Rocky Mountain 2013
Awarded to: Denbury Resources, Inc
Oil & Gas Awards Judges Comments
“Denbury acquired assets in certain of its existing fields along with other fields. This transaction will result in additional sales volumes, 99% of which are oil and NGLs; which are priced more favorably than gas. The company used cash proceeds from a previous asset sale to fund this transaction and thus did not increase its debt balance.”
Denbury Resources, Inc – Transaction Overview
PLANO, TX – March 28, 2013 – 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.
Rocky Mountain 2013 Winners
- Award for Drilling Excellence - Precision Drilling
- Award for Excellence in Corporate Social Responsibility - Anadarko Petroleum Corporation
- Award for Excellence in Environmental Stewardship - Preferred Technology
- Award for Excellence in Health & Safety - Operational - Express Energy Services
- Award for Excellence in Health & Safety - Products - VZ Environmental
- Bulk Trucking Company of the Year - Gazelle Transportation, Inc.
- Construction Company of the Year - Loenbro
- E&P Company of the Year - Anadarko Petroleum Corporation
- Engineering Company of the Year - Halker Consulting
- General Industry Service Award - Target Logistics
- Heavy Haul Trucking Company of the Year - JD Field Services Inc.
- Industry Supplier of the Year - Marquis Alliance, a division of SECURE Energy Services
- Law Firm of the Year - Norton Rose Fulbright
- Manufacturer of the Year - KROHNE, Inc.
- New Technology Development of the Year - General/Products - Trican Well Service
- New Technology Development of the Year - Software Application - Enersight
- Oilfield Service Company of the Year - ENSERVCO Corporation
- Recruitment Agency of the Year - RTS CORP
- Specialty Industry Supplier of the Year - Preferred Technology
- The Bilfinger Westcon Midstream Company of the Year - Summit Midstream Partners, LP
- The Oil & Gas Financial Journal Transaction of the Year - Under $1Billion - Kodiak Oil & Gas Corp.
- The Oil and Gas Financial Journal Transaction of the Year - Over $1billion - Denbury Resources, Inc
- The Preferred Technology Award for Excellence in Well Completion - NCS Energy Services, LLC
- The Progressive Energy & Natural Resources Industry Leader - Blake Scott - Scott Environmental Services, Inc
- The Progressive Global Energy & Natural Resources Future Industry Leader - Jacob Eberhart - Canary, LLC
- Water Management Company of the Year - TETRA® Technologies, Inc.