Followers | 76 |
Posts | 3712 |
Boards Moderated | 0 |
Alias Born | 10/23/2010 |
Wednesday, November 17, 2010 11:40:13 AM
By virtue of Denbury’s ownership of 100% of ENP’s general partnership interest, Denbury consolidates 100% of ENP’s financial results with Denbury’s financial results, even though Denbury’s aggregate ownership represents only approximately 46% of ENP’s common ownership. Production attributable to ENP averaged 8,630 barrels of oil equivalent per day during the third quarter of 2010, and its proved reserves at December 31, 2009 were approximately 43.0 million barrels of oil equivalent (67% oil).
The transaction is expected to close on or before December 31, 2010. The Company plans to use the proceeds from the sale to repay outstanding bank debt and to fund any shortfall between its anticipated cash flows from operations and planned capital expenditures during 2011. Wells Fargo Securities, LLC acted as advisor to Denbury on the sale.
This press release contains forward-looking statements that involve risks and uncertainties, including estimated sales proceeds, cash flow and capital expenditures, and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including Denbury's and ENP’s most recent reports on Form 10-K and Form 10-Q. These risks and uncertainties are incorporated by reference as though fully set forth herein. These statements are based on engineering, geological, financial and operating assumptions that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially.
About Denbury Resources Inc.
Denbury Resources Inc. (www.denbury.com) is a growing independent oil and natural gas company. The Company is the largest oil and natural gas operator in both Mississippi and Montana, owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in the Rockies and Gulf Coast regions. The Company's goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with its most significant emphasis relating to tertiary recovery operations.
About Encore Energy Partners LP
Encore Energy Partners LP is a publicly traded master limited partnership. ENP’s assets consist primarily of producing and non-producing oil and natural gas properties in the Big Horn Basin in Wyoming and Montana, the Williston Basin in North Dakota and Montana, the Permian Basin in West Texas and New Mexico, and the Arkoma Basin in Arkansas and Oklahoma.
This is not an offer to buy or sell securities or any kind of investment advice. Oil investment carries very high risks so consult a licensed professional making any decisions. My track record is real time @TurnKeyOil
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM