DENBURY RESOURCES INC. (NYSE:DNR) Files An 8-K Other EventsItem 8.01 – Other Events
Mandatory Conversion of 3½% Convertible Senior Notes due 2024 into Denbury Common Stock
On April 10, 2018, the Daily VWAP of the Common Stock of Denbury Resources Inc. (the “Company”) exceeded the Threshold Price for at least ten (10) Trading Days during a period of fifteen (15) Trading Days, triggering a mandatory conversion event for its 3½% Convertible Senior Notes due 2024 (the “Notes”) issued to an Indenture dated December 6, 2017 (the “Indenture”) among the Company, the Company’s subsidiaries that are guarantors of the Notes and Wilmington Trust, National Association, as trustee. As a result, all outstandingNoteswill mandatorily convert into shares of Common Stock (plus cash in lieu of fractional shares) to the terms of the Indenture (the “Mandatory Conversion”). The date of the Mandatory Conversion is expected to be April17, 2018 (the “Mandatory Conversion Date”). Interest will be paid to holders of the Notes up to, but not including, the Mandatory Conversion Date. For a description of the Notes, see the Company’s Current Report on Form8-Kfiled on December12, 2017. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture.
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.
