DEN - Denbury to buy Wyoming CO2 enhanced oil recovery fields for $12M

Denbury (DEN) has entered into an agreement with a subsidiary of Devon Energy Corporation to acquire ~100% working interest in the Big Sand Draw and Beaver Creek oil fields located in Freemont County, Wyoming.The acquisition includes associated surface facilities and the 46-mile CO2 transportation pipeline to the acquired fields.Net production from the acquired fields was ~2,800 boe/day for Q3, of which ~85% was oil production.Based on Dec. 1, 2020 oil and natural gas futures strip prices, net proved reserves for the acquired fields, which are 93% oil, are estimated at ~13.7M boe, including 5.5 MMboe of proved undeveloped reserves which the Company estimates can be developed for less than $5/boe.

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Denbury to buy Wyoming CO2 enhanced oil recovery fields for $12M