Denbury Divests Barnett Properties
Denbury Resources Inc. announced Monday that on Dec. 30, 2009, it closed the previously announced sale of its remaining 40% working interest in Barnett Shale properties to Talon Oil & Gas LLC. The sales proceeds of $210 million, before adjustments for net operating cash flows from the Dec. 1, 2009, effective date, were used to reduce outstanding bank debt. The sale was structured as a deferred like-kind exchange in conjunction with the purchase of Conroe Field in order to defer most of the tax impacts of the sale.
Denbury Resources Inc. is a growing independent oil and natural 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 significant operating acreage in Louisiana, Alabama, and Southeast Texas. The Company's goal is to increase the value of acquired properties through tertiary recovery operations, combined with a combination of exploitation, drilling and proven engineering extraction practices.
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