Denbury Announces $125M Senior Subordinated Notes Offering

Denbury Resources Inc. has filed a registration statement with the Securities and Exchange Commission relating to the public offering of $125 million of Senior Subordinated Notes Due 2015. This offering of notes is to be an additional issuance under the instrument governing Denbury's December 2005 sale of $150 million of Senior Subordinated Notes due 2015, with both sets of notes to trade as a single class. Denbury expects to complete the offering next week.

Denbury plans to use the estimated net proceeds from the offering to repay a portion of the current borrowings under the Company's bank credit facility, under which approximately $180 million was outstanding as of March 25, 2007.

J.P. Morgan Securities Inc. and Johnson Rice & Company LLC are acting as underwriters for the notes offering with J.P. Morgan Securities Inc. acting as sole book-running manager.

Denbury Resources Inc. is a growing independent oil and gas company. The Company is the largest oil and natural gas operator in Mississippi, owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River, and holds key operating acreage in the onshore Louisiana and Texas Barnett Shale areas.


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