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Denbury Resources Inc Announces Closing Of First Phase Of Bakken Sale And Asset Exchange With Exxon Mobil Corporation And Its Wholly-Owned Subsidiary XTO Energy Inc.

Monday, 3 Dec 2012 07:30am EST 

Denbury Resources Inc announced the closing of the first phase of its previously announced Bakken sale and asset exchange with Exxon Mobil Corporation and its wholly-owned subsidiary XTO Energy Inc. (collectively, "ExxonMobil"). In the first of two closings, ExxonMobil paid cash of approximately $1.3 billion (which includes preliminary closing adjustments) and transferred to Denbury ExxonMobil's operating interests in Webster Field in Texas and Hartzog Draw Field in Wyoming. For the second phase closing, which is expected to take place prior to year-end, Denbury retained approximately 17.5% of its pre-closing interest in Bakken area assets, and ExxonMobil withheld $350 million of cash consideration for such Bakken area assets. The parties continue to work to finalize an agreement and documentation pursuant to which Denbury will receive an interest in the CO2 reserves in ExxonMobil's LaBarge Field in Wyoming in exchange for the retained Bakken interests, together with any necessary cash adjustments. Barring this exchange taking place in the second phase closing as expected, Denbury would sell its retained 17.5% Bakken area interest to ExxonMobil for the $350 million of cash which has been withheld. 

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-0.13 -0.74%
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