OilVoice - Denbury Completes Sale of Barnett Shale Properties

Denbury Completes Sale of Barnett Shale Properties

Monday, January 04, 2010

Denbury Resources Inc. announces that on Wednesday, December 30, 2009, it closed the previously announced sale of its remaining 40% working interest in Barnett Shale properties to Talon Oil & Gas LLC. The sales proceeds of $210 million, before adjustments for net operating cash flows from the December 1, 2009 effective date, were used to reduce outstanding bank debt. The sale was structured as a deferred like-kind exchange in conjunction with the purchase of Conroe Field in order to defer most of the tax impacts of the sale.