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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;

Stock News for Denbury (DNR)
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11/05/201508:57:16Current Report Filing (8-k)
11/05/201506:30:00Denbury Reports Third Quarter 2015 Results
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10/06/201513:55:32Statement of Ownership (sc 13g)
10/02/201511:12:15Statement of Changes in Beneficial Ownership (4)
10/02/201511:11:21Statement of Changes in Beneficial Ownership (4)
10/02/201511:09:54Statement of Changes in Beneficial Ownership (4)
09/30/201511:24:00Scanning Stocks From the Basic Material Sector - Ceres, Denbury...
09/28/201508:30:00Denbury Resources to Present at The Johnson Rice 2015 Energy...
09/23/201516:38:42Current Report Filing (8-k)
09/21/201517:13:17Current Report Filing (8-k)
09/21/201509:26:00Market Insight on the Basic Materials Sector -- Yamana Gold...
09/21/201508:20:00Denbury Resources Suspends Dividend
09/21/201507:00:00Denbury Announces Suspension of Dividend
09/18/201508:01:00Independent Oil and Gas Stocks on our Radar - Chesapeake Energy...
09/09/201514:59:19Statement of Changes in Beneficial Ownership (4)
09/09/201514:57:45Initial Statement of Beneficial Ownership (3)

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