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Denbury sells assets in Utah
April 11, 2012 / 2:25 PM / 5 years ago

Denbury sells assets in Utah

(Reuters) - Denbury Resources Inc (DNR.N) said it will sell certain non-operated oil and gas assets in Utah for about $75 million, which will hurt its full-year production outlook by about 650 barrels of oil equivalent per day.

Proved reserves related to the assets in the Paradox Basin, which were sold to Resolute Energy Corp (REN.N) and Navajo Nation Oil and Gas Co, were about 6.4 million barrels of oil equivalent as of December 31.

The sale, along with the divestment of assets in Gulf Coast in February, will reduce Denbury’s full-year production outlook by about 1,625 boe/d, it said in a statement on Wednesday.

Texas-based Denbury had said it expected to produce 70,250 - 75,250 boe/d in 2012.

Denbury has raised about $314 million in divestiture proceeds in 2012, higher than its forecast of $150 million to $300 million.

Shares of Denbury were up 1 percent at $17.99 in early trading on the New York Stock Exchange.

Reporting by Durba Ghosh in Bangalore; Editing by Maju Samuel

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