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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
03/27/201716:19:01Current Report Filing (8-k)
03/21/201716:30:00Denbury Announces Management Transition Plan
03/10/201718:13:00S&P Dow Jones Indices Announces Changes to U.S. Indices and Updates...
03/09/201710:47:03Amended Statement of Ownership (sc 13g/a)
02/23/201709:04:35Current Report Filing (8-k)
02/23/201706:30:00Denbury Reports 2016 Fourth Quarter and Annual Results
02/14/201718:02:07Statement of Ownership (sc 13g)
02/14/201709:03:35Current Report Filing (8-k)
02/14/201706:30:00Denbury Announces 2017 Capital Budget and Estimated Production;...
02/13/201716:40:46Amended Statement of Ownership (sc 13g/a)
02/10/201716:33:00Amended Statement of Ownership (sc 13g/a)
02/09/201716:08:11Statement of Ownership (sc 13g)
02/09/201712:42:18Amended Statement of Ownership (sc 13g/a)
02/06/201706:30:00Denbury Announces Release Date for Fourth Quarter and Full-Year...
02/03/201707:47:56Amended Statement of Ownership (sc 13g/a)
02/02/201716:37:06Statement of Changes in Beneficial Ownership (4)
01/11/201716:28:55Statement of Changes in Beneficial Ownership (4)
01/11/201716:27:09Statement of Changes in Beneficial Ownership (4)
01/11/201716:24:26Statement of Changes in Beneficial Ownership (4)
01/09/201714:06:55Amended Statement of Ownership (sc 13g/a)

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