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Denbury Resources Inc.
DNR ("Denbury" or the "Company") 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, subject to closing
adjustments, 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 ("CO[2]") flooding and close to Denbury's existing or planned
CO[2] pipelines. In addition, Denbury has agreed in principle to either
purchase an interest in the CO[2] reserves in ExxonMobil's LaBarge Field in
southwestern Wyoming or purchase incremental CO[2] from that field, on terms
and conditions to be mutually agreed upon by the parties. The purchase of an
interest in CO[2] reserves would reduce the amount of cash received by
Denbury.
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