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Denbury Sells Haynesville, Texas Gas Assets For $217.5 Million

DOW JONES NEWSWIRES Denbury Resources Inc. (DNR) has agreed to sell its Haynesville and East Texas natural-gas assets to an unnamed closely held oil-and-gas company for about $217.5 million. Shares were up 1.1% at $17.80 in recent premarket trading. Denbury's stock has climbed 19% this year. The company has been shedding assets it acquired with its purchase of slightly smaller rival Encore Acquisition Co. earlier this year in a deal valued at about $3.25 billion, seeking to reduce leverage and focus capital on core areas. Chief Executive Phil Rykhoek said Tuesday the company has "nearly completed" the divestiture program. The Encore deal added production for Denbury that has boosted its top line. In August, Denbury reported swinging to a second-quarter profit absent prior-year derivatives-related write-downs as revenue more than doubled. The Texas sale is expected to close in 30 to 45 days. The company plans a use the $115 million Wyoming acquisition it announced last month to offset tax impacts from the sale in a so-called Section 1031 exchange. Such deals allow the exchange of certain types of property to defer recognition of capital gains or losses. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Denbury (DNR)
DateTimeHeadline
07/09/201517:29:04Amended Statement of Ownership (sc 13g/a)
07/02/201514:21:14Statement of Changes in Beneficial Ownership (4)
07/02/201514:19:56Statement of Changes in Beneficial Ownership (4)
07/02/201514:19:05Statement of Changes in Beneficial Ownership (4)
06/18/201511:02:183 Stocks to Watch in Upstream Oil & Gas
06/17/201511:50:07Statement of Changes in Beneficial Ownership (4)
06/03/201513:39:1310 Best Oil Stocks by Oil Reserves
05/31/201511:00:03Oil Investment Opportunites for the Long Term
05/24/201508:00:033 Undervalued Stocks in Oil Worth Buying
05/22/201512:33:01Current Report Filing (8-k)
05/21/201516:07:55Statement of Changes in Beneficial Ownership (4)
05/21/201516:06:37Statement of Changes in Beneficial Ownership (4)
05/21/201516:04:28Statement of Changes in Beneficial Ownership (4)
05/21/201516:00:31Statement of Changes in Beneficial Ownership (4)
05/21/201515:59:14Statement of Changes in Beneficial Ownership (4)
05/21/201515:58:20Statement of Changes in Beneficial Ownership (4)
05/21/201515:56:36Statement of Changes in Beneficial Ownership (4)
05/15/201512:04:02Top 10 Prime Oil Stock Takeover Candidates
05/06/201509:38:30Current Report Filing (8-k)
05/06/201507:30:00Denbury Reports First Quarter 2015 Results

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