Denbury Completes Acquisition of Matrix Oil & Gas

Denbury Resources Inc. announced the completion of its acquisition of privately held Matrix Oil & Gas, Inc., in accordance with the agreement and plan of merger dated June 4, 2001.

The adjusted purchase price was approximately $158 million. The Matrix acquisition, accounted for as a purchase, increases Denbury's reserves by approximately 12% and production by approximately 22% based on the second half of 2001's forecasted production. The Company anticipates the transaction as being immediately accretive to reserves, production and cash flow on a per share basis.

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