Denbury Resources Commences Next Step to Implement Pre-Packaged Plan to Strengthen Its Balance Sheet and Reduce Debt - Seite 2

In connection with the Chapter 11 filing, Denbury has filed a number of customary motions with the Court seeking authorization to support its operations while this process is ongoing, including authority to continue to pay employee wages and benefits in the ordinary course, honor customer commitments and make payments to lessors and royalty owners in the ordinary course of business.  The Company also expects to pay vendors in full for goods and services provided on or after the Chapter 11 filing date.  Under terms of the pre-packaged plan, which is subject to Court approval, general unsecured pre-petition claims will also be paid in full in the ordinary course.

Additional information is available at www.denburyrestructuring.com or by calling Denbury’s Restructuring Hotline, at 855-917-3570 (toll-free in the U.S.) or 503-520-4467 (for calls originating outside the U.S.).  Court documents and additional information about the Court-supervised process are available on a separate website administered by Denbury’s claims agent, Epiq, at https://dm.epiq11.com/Denbury.

Kirkland & Ellis LLP is acting as legal counsel to Denbury, Evercore Inc. is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor.

ABOUT DENBURY RESOURCES

Denbury is an independent oil and natural gas company with operations focused in two key operating areas: the Gulf Coast and Rocky Mountain regions.  The Company’s goal is to increase the value of its properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to carbon dioxide enhanced oil recovery (CO₂ EOR) operations.  For more information about Denbury, please visit www.denbury.com.

This press release contains forward-looking statements that involve a number of risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including Denbury’s most recent Form 10-Q and its 2019 Form 10-K.  These risks and uncertainties are incorporated by this reference as though fully set forth herein.  The forward-looking statements contained herein are based on financial, market, geological and operating assumptions that management believes are reasonable based on currently available information; however, management’s assumptions and the Company’s future performance are subject to a wide range of business risks, and subject to the Company’s ability to confirm and consummate a plan of reorganization under Chapter 11 or an alternative restructuring transaction, the risks attendant to the bankruptcy process, the adequacy and restrictions of a DIP facility such as that contemplated by our lenders’ commitment letter, and the impact of all of these factors upon the Company’s ability to capitalize on the reorganization process and emerge as an entity equipped to operate as a going concern on a long-term basis.  There is no assurance that the goals and projections herein can or will be met.  Actual results may vary materially.  In addition, any forward-looking statements represent the Company’s estimates only as of today and should not be relied upon as representing its estimates as of any future date.  Denbury assumes no obligation to update its forward-looking statements.

CONTACT: INVESTOR CONTACT:
John Mayer
Denbury Resources Inc., Director of Investor Relations
972.673.2383

MEDIA CONTACT:
Andrew Siegel / Michael Freitag / Andrew Squire
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449