DNR increased Proved Reserves by 21%

[dan_s]

PLANO, Texas, Feb 04, 2013 (GLOBE NEWSWIRE via COMTEX) -- Increases Tertiary Proved Reserves by 36%

Increases Quarterly Tertiary Production by 8% Sequentially and 21% Year-over-Year

Denbury Resources Inc. ("Denbury" or the "Company") today announced that its total estimated proved oil and natural gas reserves at December 31, 2012 were 409 million barrels of oil equivalent ("MMBOE"), consisting of 329 million barrels of crude oil, condensate and natural gas liquids, and 482 billion cubic feet (80 MMBOE) of natural gas. Reserves were 80% liquids and 60% proved developed, and 49% of such reserves were attributable to Denbury's carbon dioxide enhanced oil recovery ("CO2 EOR" or "tertiary") operations. Nearly all of Denbury's reserves not attributable to CO2 EOR operations at year-end 2012 relate to planned future CO2 EOR operations. Also, year-end 2012 proved reserve estimates do not include the estimated 42 MMBOE of proved reserves associated with Denbury's pending acquisition of property interests in the Cedar Creek Anticline of Montana and North Dakota from ConocoPhillips in a transaction expected to close near the end of the first quarter of 2013 (the "CCA Acquisition").

The estimated discounted net present value of Denbury's proved reserves at December 31, 2012, before projected income taxes, using a 10% per annum discount rate ("PV-10 Value", a non-GAAP measure), was $9.9 billion, using first-day-of-the-month 12-month average 2012 prices of $94.71 per barrel ("Bbl") for oil and $2.85 per million British thermal unit ("MMBtu") for natural gas.