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Denbury Resources Inc Announces Bakken Sale and Asset Exchange to Exxon Mobil Corporation and Wholly Owned Subsidiary XTO Energy Inc

Thursday, 20 Sep 2012 08:30am EDT 

Denbury Resources Inc announced that it has entered into an agreement to sell its Bakken assets in North Dakota and Montana to Exxon Mobil Corporation and its wholly owned subsidiary XTO Energy Inc. (collectively, ExxonMobil). Denbury will receive $1.6 billion in cash and ExxonMobil's operating interests in Webster Field in Texas and Hartzog Draw Field in Wyoming, both of which are ideal candidates for carbon dioxide (CO2) flooding and close to Denbury's existing or planned CO2 pipelines. In addition, Denbury has agreed in principle to either purchase an interest in the CO2 reserves in ExxonMobil's LaBarge Field in southwestern Wyoming or purchase incremental CO2 from that field, on terms and conditions to be mutually agreed upon by the parties. The purchase of an interest in CO2 reserves would reduce the amount of cash received by Denbury. The transactions are expected to close late in the fourth quarter of 2012 with a July 1, 2012 effective date. The sale price is subject to standard adjustments for revenues and costs of the respective assets from the effective date to the closing date. 

Company Quote

-0.14 -0.80%
1:38pm EDT