U.S. Markets open in 6 hrs 39 mins

Denbury Resources reports proved reserves at Dec. 31, 2012 was $9.9B

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, or PV-10 Value, a non-GAAP measure, was $9.9B, using first-day-of-the-month 12-month average 2012 prices of $94.71 per barrel, or Bbl, for oil and $2.85 per million British thermal unit, or MMBtu, for natural gas. This represents a $700M decline from the prior year level as the strategic sale of properties with a PV-10 Value of $1.9B at year-end 2011, using first-day-of-the-month 12-month average 2011 prices of $96.19 per Bbl for oil and $4.16 per MMBtu for natural gas, and the impact of lower oil and natural gas prices more than offset increases from additional tertiary reserves and acquired properties. The year-end 2012 PV-10 Value of proved reserves attributable to Denbury's tertiary oil activities was $6.8B, a $1.1B, or 19%, increase from the prior year level. Also, year-end 2012 PV-10 Values do not include any PV-10 Value of the pending CCA Acquisition, which is currently estimated at $1.1B using the same commodity price assumptions as those in Denbury's year-end 2012 report. On a pro forma basis, it is currently estimated that the CCA Acquisition would increase the Company's PV-10 Value to approximately $11B.