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Denbury To Pay $115 Million For Stake In Wyoming Field, CO2 Rights

DOW JONES NEWSWIRES Denbury Resources Inc. (DNR) has agreed to pay $115 million for a 42.5% stake in a Wyoming gas field and nearly one-third of the carbon dioxide rights on nearby land. The seller wasn't disclosed in a statement, and a Denbury spokesman wasn't immediately available for comment, but Cimarex Energy Co. (XEC) is building a gas plant in western Wyoming. The plant will separate methane and helium from two nearby gas wells. Meanwhile, carbon dioxide and hydrogen sulfide gas would be pumped underground. Exxon Mobil Corp. (XOM) has objected to the effort, contending it will result in more waste gas in a nearby Exxon well. Denbury Chief Executive Phil Rykhoek said the company's acquisition "provides us with our second source of CO2 in the Rockies, a source with significant expansion potential. We plan to continue our evaluation of other potential sources of CO2 in this region before we commence construction of CO2 separation facilities at Riley Ridge, thus today, we do not have a definitive development timetable for these CO2 reserves." The oil and gas company expects development costs of $56 million through 2011. The acquisition will be funded through Denbury's credit lines. It concluded a $4.5 billion acquisition of Encore in March, making Denbury one of the largest oil-focused independents. Shares closed Tuesday at $15.91 and were inactive premarket. The stock is down 1.1% the past year. -By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com

Stock News for Denbury (DNR)
DateTimeHeadline
03/28/201511:50:023 Oil Stocks Wall Street Is Wrong About
03/27/201512:14:33Annual Report of Employee Stock Plans (11-k)
03/26/201509:21:39Current Report Filing (8-k)
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02/27/201514:02:22Annual Report (10-k)
02/19/201509:34:37Current Report Filing (8-k)
02/19/201508:46:12Denbury Reports 2014 Fourth Quarter and Annual Results and Year-End...
02/13/201515:56:31Amended Statement of Ownership (sc 13g/a)
02/12/201517:02:44Amended Statement of Ownership (sc 13g/a)
02/12/201516:30:00Denbury Announces Release Date for Fourth Quarter and Full-Year...
02/12/201510:42:39Statement of Ownership (sc 13g)
02/10/201512:11:19Amended Statement of Ownership (sc 13g/a)
02/09/201506:01:34Amended Statement of Ownership (sc 13g/a)
02/03/201512:03:15Statement of Changes in Beneficial Ownership (4)
02/03/201512:01:11Statement of Changes in Beneficial Ownership (4)
02/03/201511:59:31Statement of Changes in Beneficial Ownership (4)
01/30/201509:17:19Statement of Ownership (sc 13g)
01/29/201506:01:04Current Report Filing (8-k)
01/28/201516:51:43MARKET SNAPSHOT: U.S. Stocks Sell Off After Fed Statement

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