=Denbury Resources (DNR) receives corporate buyout offer for $1.20 per share

• Update 7/20: DNR delisted from NYSE.  Effective July 31, 2020, the Company’s common stock will commence trading on the OTC Pink marketplace under the symbol “DNRCQ.”
• Changed its name to Denbury Inc. (DEN) in September 2020.

Denbury Resources announces it has received an official offer for corporate buyout at $1.20 a share. This includes transferring full ownership of the company. The corporation making the offer is not revealed.

The agreement is expected to be successful and with it finalized, Denbury Resources would continue to operate on a business-as-usual basis.

Denbury Resources is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Plano, Texas. The company extracts petroleum via enhanced oil recovery, which utilizes carbon dioxide to extract petroleum from fields that have been previously exploited.

The acquisition would allow Denbury Resources to continue as a going-concern by receiving additional liquidity to cover its missed interest payments and a large debt portfolio.

=Denbury Resources (DNR) reported earnings on Thur 23 Feb 17 (b/o)

Denbury Resources beats by $0.01, beats on revs :

• Reports Q4 (Dec) loss of $0.02 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of ($0.03); revenues rose 0.7% year/year to $271.62 mln vs the $231.31 mln Capital IQ Consensus.
• Denbury's continuing production averaged 60,685 BOE/d during the fourth quarter of 2016, in line with management's expectations, and was 96% oil, with CO2 tertiary properties accounting for 62% of overall production. On a sequential-quarter basis, continuing production in the fourth quarter of 2016 was essentially flat with continuing production in the third quarter of 2016, with production from the Company's CO2 tertiary properties increasing slightly.
• Due to the extended shut-in status of the Riley Ridge gas processing facility and management's recently updated analysis of cost estimates and engineering options to remedy the existing issues, the Company reassessed the estimated useful life of the gas processing facility and related assets during the fourth quarter of 2016 and recorded an accelerated depreciation charge of $591 million. The Company plans to continue engineering work and analysis to determine if there are alternative options to remediate the sulfur build-up in the gas supply wells and to assess its ability to reduce the costs thereof; however, the timing of completion and results of such analysis are currently uncertain. Furthermore, while Riley Ridge is a potential source of CO2 for flooding fields in the Rocky Mountain region, the Company has formed alternative plans to develop its future CO2 EOR floods, which CO2 volumes management currently anticipates could be supplied through existing CO2 sources.

Great trade : DNR (3/16) +95%

• #26, 58   on 2/25/16
• held exactly one week

daily

monthly