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Denbury To Buy Remaining Interest In Riley Project For $191 Million

DOW JONES NEWSWIRES Denbury Resources Inc. (DNR) agreed to acquire from Cimarex Energy Co. (XEC) the 57.5% interest it doesn't already own in the Riley Ridge project in Wyoming and a 33% working interest in nearby land for about $191 million. The acquisition of the 9,700-acre natural gas and carbon dioxide project comes as natural gas prices remain low on a historical basis and demand for alternative energy sources is robust. Denbury estimates the Riley Ridge area contains proved reserves of 250 billion cubic feet of natural gas, 8.9 Bcf of helium and about 1.4 trillion cubic feet of carbon dioxide. The purchase price consists of a $176 million payment at closing and a $15 million contingent payment to be paid at the time the gas processing facility is operational and meeting specific performance conditions. First production of natural gas and helium is expected to occur in the fourth quarter, while development costs are seen adding about $50 million in 2011 capital spending. The deal also includes operations and working interests in an adjoining 28,000 acres of which Denbury previously only had CO2 rights. Meanwhile, Cimarex said the sale doesn't affect its expected 2011 production estimates as the plant wasn't expected to come online until late this year. Proceeds from the divestiture are expected to be reinvested in its capital program. Shares of Denbury were up 0.9% at $18.92 in recent trading, while Cimarex edged up 0.7% at $85.40. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com Order free Annual Report for Denbury Resources Inc. Visit http://djnewswires.ar.wilink.com/?link=DNR or call 1-888-301-0513

Stock News for Denbury (DNR)
DateTimeHeadline
03/28/201716:25:23Statement of Changes in Beneficial Ownership (4)
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)

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