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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; Order free Annual Report for Denbury Resources Inc. Visit or call 1-888-301-0513

Stock News for Denbury (DNR)
02/05/201607:00:00Denbury Announces Release Date for Fourth Quarter and Full-Year...
02/02/201607:49:59Amended Statement of Ownership (sc 13g/a)
02/01/201616:43:06Statement of Changes in Beneficial Ownership (4)
01/21/201606:02:29Current Report Filing (8-k)
01/20/201619:00:00Denbury Terminates Its Previously Announced Notes Exchange Offers
01/12/201610:53:15Current Report Filing (8-k)
01/12/201606:30:00Denbury Announces Covenant Amendment In Its Offers to Exchange...
01/11/201617:35:44Statement of Changes in Beneficial Ownership (4)
01/11/201617:34:12Statement of Changes in Beneficial Ownership (4)
01/11/201617:33:31Statement of Changes in Beneficial Ownership (4)
01/11/201617:32:11Statement of Changes in Beneficial Ownership (4)
01/08/201613:31:20Current Report Filing (8-k)
01/08/201610:54:43Current Report Filing (8-k)
01/08/201606:30:00Denbury Announces Extension of Deadline to Receive Early Participation...
01/05/201618:50:49Statement of Changes in Beneficial Ownership (4)
01/05/201618:49:54Statement of Changes in Beneficial Ownership (4)
01/05/201618:48:03Statement of Changes in Beneficial Ownership (4)
12/22/201509:40:00U.S. Hot Stocks: Hot Stocks to Watch
12/22/201506:02:51Current Report Filing (8-k)
12/21/201521:02:17Denbury Announces Offers to Exchange Outstanding Senior Subordinated...

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