Denbury Closes Purchase of Conroe Field

Denbury announced today that on Friday, December 18, 2009, it closed the previously announced purchase of interests in the Conroe Field from Wapiti Energy, LLC. As previously announced, the purchase price consisted of $256.4 million in cash and 11,620,000 shares of Denbury common stock. The effective date of purchase was December 1, 2009, and consequently operating net revenues, net of capital expenditures, from December 1, 2009 until the date of purchase, along with any other assets acquired or liabilities assumed or any other purchase price adjustments, will be accounted for as an adjustment to the ultimate purchase price.