PLANO, Texas--(BUSINESS WIRE)--Denbury Resources Inc. (NYSE: DNR) (“Denbury” or the “Company”) today announced the final results of its previously announced cash tender offers for the outstanding 7½% Senior Subordinated Notes due 2013 of the Company and Denbury Onshore, LLC (the “2013 Notes”) and 7½% Senior Subordinated Notes due 2015 of the Company (the “2015 Notes”), which offers expired at 11:59 p.m., New York City time yesterday, March 3, 2011 (the “Expiration Time”). The Company has accepted for purchase all $70,000 aggregate principal amount of the 2013 Notes that have been tendered since the February 16, 2011 consent payment deadline. No 2015 Notes have been tendered since the February 16, 2011 consent payment deadline. Payment for the 2013 Notes purchased was deposited with The Depository Trust and Clearing Corporation today.
As announced on February 17, 2010, the Company earlier purchased (i) $169,482,000 principal amount of the 2013 Notes and (ii) $220,882,000 principal amount of the 2015 Notes pursuant to the tender offers. Combined, as of the Expiration Time, the Company has purchased (i) $169,552,000 principal amount of the 2013 Notes, or 75.4% of the outstanding 2013 Notes, and (ii) $220,882,000 principal amount of the 2015 Notes, or 73.6% of the outstanding 2015 Notes.
As previously announced, Denbury has called for redemption all of the remaining outstanding 2013 Notes (CUSIP No. 24823U-AE-8) and 2015 Notes (CUSIP No. 24823U-AF-5) in accordance with the terms of those notes. The redemption date for the 2013 Notes is April 1, 2011, and the redemption date for the 2015 Notes is March 21, 2011.
Denbury Resources Inc. is a growing independent oil and natural gas company. The Company is the largest oil and natural gas producer in both Mississippi and Montana, owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in the Rocky Mountain and Gulf Coast regions. The Company's goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with its most significant emphasis relating to tertiary recovery operations.