Denbury Announces Major Bakken Acquisition

Denbury Resources Inc. today announced the closing of its acquisition of producing property interests in the Cedar Creek Anticline ("CCA") of North Dakota from a wholly-owned subsidiary of ConocoPhillips for cash consideration of $1.05 billion before purchase price adjustments. The acquired assets include additional interests in certain of Denbury's existing operated fields in CCA along with operating interests in other CCA fields. Denbury estimates the final adjusted purchase price will be closer to $1.0 billion after adjustment for the net cash flows from the assets between the January 1, 2013 effective date and the closing date. The purchase was part of a like-kind exchange transaction that was funded with a portion of the cash received from the company's Bakken sale and asset exchange with ExxonMobil completed in December 2012. Read more