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.

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