23:00 | 13.04.2010
Denbury Announces Final Results of Change of Control Offers for Senior Subordinated Notes of Encore Acquisition Company
Denbury Resources Inc. (NYSE: DNR) (the “Company” or “Denbury”) today
announced that it has accepted for purchase all outstanding 6.25% Senior
Subordinated Notes due 2014 (the “6.25% Securities”), 6.0% Senior
Subordinated Notes due 2015 (the “6.0% Securities”), 7.25% Senior
Subordinated Notes due 2017 (the “7.25% Securities”), and 9.5% Senior
Subordinated Notes due 2016 (the “9.5 Securities” and, together with the
6.25% Securities, the 6.0% Securities, and the 7.25% Securities, the
“Securities”) of Encore Acquisition Company validly put to Denbury and
not withdrawn, pursuant to Denbury’s previously announced change of
control offers.
In the change of control offers Denbury purchased:
$40,712,000 principal amount of the 6.25% Securities, leaving
$1,072,000 outstanding (less than 1% of the original principal amount
issued);
$30,714,500 principal amount of the 6.0% Securities, leaving $485,000
outstanding (less than 1% of the original principal amount issued);
$24,235,000 principal amount of the 7.25% Securities, leaving
$2,250,000 outstanding (1.5% of the original principal amount issued);
and
$80,000 principal amount of the 9.5% Securities, leaving $224,920,000
outstanding (greater than 99.9% of the original principal amount
issued).
The Company accepted all validly put to Denbury and not withdrawn
Securities on April 13, 2010 and paid 101% of the principal amount of
the Securities put (and not withdrawn).
This press release is for informational purposes only and does not
constitute an offer to sell, or the solicitation of an offer to buy, any
Securities or any other securities of the Company or any other person.
Denbury Resources Inc. (www.denbury.com)
is a growing independent oil and gas company. The Company is the largest
oil and natural gas operator in 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
Rockies and Gulf Coast. 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.
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