Attached files
Exhibit 99.2
Denbury Resources Inc.
Denbury Announces Final Results of Cash Tender Offers and Consent
Solicitations for Senior Subordinated Notes of Encore Acquisition Company
Solicitations for Senior Subordinated Notes of Encore Acquisition Company
News Release
Released at 5:30 p.m. CST
Released at 5:30 p.m. CST
PLANO, Texas March 10, 2010 Denbury Resources Inc. (NYSE: DNR) (the Company) today
announced that it has accepted for purchase the outstanding 6.25% Senior Subordinated Notes due
2014 (the 6.25% Securities), 6.0% Senior Subordinated Notes due 2015 (the 6.0% Securities), and
7.25% Senior Subordinated Notes due 2017 (the 7.25% Securities and, together with the 6.25%
Securities and the 6.0% Securities, the Securities) of Encore Acquisition Company tendered
pursuant to Denburys previously announced offers. The offers and related consent solicitations
expired at 10:00 a.m., Eastern Time, on March 10, 2010 (the Expiration Date).
As of the Expiration Date, (i) $108,216,000 principal amount of the 6.25% Securities, or 72
percent of the outstanding 6.25% Securities, (ii) $268,801,000 principal amount of the 6.0%
Securities, or 90 percent of the outstanding 6.0% Securities, and (iii) $123,515,000 principal
amount of the 7.25% Securities, or 82 percent of the outstanding 7.25% Securities, had been validly
tendered and not withdrawn. The Company has accepted all validly tendered and not withdrawn
Securities and, in exchange, will pay $1,012.50 for each $1,000 principal amount of the Securities
tendered. Based on the amount of Securities tendered and accepted for purchase, the Company
received a sufficient number of consents to adopt the proposed amendments to the indentures
governing the Securities. The amendments were adopted on March 10, 2010 pursuant to a supplemental
indenture to each applicable indenture. The amendments to the indentures have eliminated most of
the restrictive covenants, certain provisions of covenants relating to mergers and acquisitions and
certain events of default in each indenture.
This press release is for informational purposes only and does not constitute an offer to
sell, or the solicitation of an offer to buy, any Securities or any other securities of the Company
or any other person.
INVESTOR CONTACT:
Phil Rykhoek
Chief Executive Officer
Phone: (972) 673-2000
Chief Executive Officer
Phone: (972) 673-2000
Mark Allen
Senior Vice President & Chief Financial Officer
Phone: (972) 673-200
Senior Vice President & Chief Financial Officer
Phone: (972) 673-200
Laurie Burkes
Investor Relations Manager
Phone: (972) 673-2166
Investor Relations Manager
Phone: (972) 673-2166
About Denbury Resources Inc.
Denbury Resources Inc. (www.denbury.com) is a growing independent oil and
gas company. The Company is the largest oil and natural gas operator in 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, Permian Basin, Mid-Continent and
Gulf Coast. The Companys 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.