DENBURY RESOURCES INC. (NYSE:DNR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
Officer
Companys board of directors (the Board) intends to appoint
Christian S. Kendall as Chief Executive Officer (CEO) of the
Company effective June 30, 2017, in conjunction with Phil
Rykhoeks retirement from the CEO position to be effective that
date.
September 2015 and was named President in October 2016. Mr.
Kendall has over 27 years of experience in the oil and gas
industry, holding a variety of technical and leadership roles,
both international and domestic. Prior to joining Denbury, he
spent 14 years with Noble Energy, most recently as Senior Vice
President, Global Operations Services. His prior assignments at
Noble Energy include serving as Vice President, Gulf of Mexico,
and as Business Unit Manager and Vice President, Noble Energy
Mediterranean, Ltd. Mr. Kendall began his career with Mobil Oil
Corporation in 1989. He holds a Bachelor of Science degree in
Engineering, Civil Specialty, from the Colorado School of Mines.
his CEO role.
into an Officer Retirement Agreement, dated March 21, 2017,
providing for (i) payment of $4.97 million in July 2017, (ii)
payment of $2.73 million in February 2018, (iii) his employment
on a part-time basis to be available to the Company in an
advisory role through January 2018, for which he is to be paid
nominal compensation, and (iv) continuing eligibility to
participate in the Companys insurance plans through December
2018, and containing certain restrictive covenants regarding
confidentiality, non-competition, non-solicitation, and
non-disparagement obligations and a release of claims. After his
retirement as CEO, Mr. Rykhoek will be ineligible to receive
future awards under the Companys equity compensation plans or to
participate in the Companys Severance Protection Plan. All equity
and cash performance awards granted under the Companys 2004
Omnibus Stock and Incentive Plan and held by Mr. Rykhoek prior to
his retirement as CEO shall be treated, governed and interpreted
according to the terms and conditions of those awards.
as Exhibit 99.1 hereto.
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(d)
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Exhibits.
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provisions of Item 601 of Regulation S-K:
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Exhibit Number
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Description
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99.1*
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Denbury Press Release, dated March 21, 2017.
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*
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Included herewith.
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About DENBURY RESOURCES INC. (NYSE:DNR)
Denbury Resources Inc. is an independent oil and natural gas company. The Company’s operations are focused on two operating areas: the Gulf Coast and Rocky Mountain regions. Its properties with proved and producing reserves in the Gulf Coast region are situated in Mississippi, Texas, Louisiana and Alabama, and in the Rocky Mountain region are situated in Montana, North Dakota and Wyoming. It has estimated proved oil and natural gas reserves of over 288.6 million barrels of oil equivalent (MMBOE). Its primary Gulf Coast carbon dioxide (CO2) source is Jackson Dome, which is located near Jackson, Mississippi. Its mature group of properties includes the initial CO2 field, Little Creek, as well as various other fields, including Brookhaven, Cranfield, Eucutta, Lockhart Crossing, Mallalieu, Martinville, McComb and Soso fields. Its LaBarge Field is located in southwestern Wyoming. It holds interest in LaBarge Field, which consists of over 1.2 trillion cubic feet of proved CO2 reserves. DENBURY RESOURCES INC. (NYSE:DNR) Recent Trading Information
DENBURY RESOURCES INC. (NYSE:DNR) closed its last trading session down -0.03 at 2.24 with 9,034,467 shares trading hands.
