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 17, 2018, all of the remaining outstanding 3½% Convertible Senior Notes due 2024 (the “Notes”) of Denbury Resources Inc. (the “Company”) issued to an Indenture dated December 6, 2017 (the “Indenture”) were mandatorily converted into shares of the Company’s common stock (plus cash in lieu of fractional shares) to the terms of the Indenture. In the aggregate, the $84,650,00 principal amount of Notes issued by the Company were converted into 38,506,633 shares of the Company’s common stock. The conversion of the Notes, when taken together with the debt exchanges completed in December 2017 and January 2018, have reduced the Company’s debt principal balance by approximately $269 million. For a description of the Notes and the Indenture, see the Company’s Current Report on Form8-Kfiled on December12, 2017.
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.