Denbury Resources Announces Sale of 2,500,000 Shares by Texas Pacific Group.Energy Editors/Business Editors DALLAS--(BUSINESS WIRE)--March 7, 2003 Denbury Resources Inc. (NYSE NYSE See: New York Stock Exchange :DNR See dynamic noise reduction and domain name resolver. ) ("Denbury" or the "Company") today announced the sale of 2.5 million shares of Denbury common stock owned by affiliates of the Texas Pacific Group ("TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général "), which will reduce TPG's ownership of Denbury from approximately 36.8% to 32.2%. Closing is expected to occur on or about March 12, 2003. Additionally, TPG has granted the underwriter a 30-day option to purchase up to an additional 375,000 shares to cover over-allotments, if any. Denbury will not receive any of the proceeds from the sale of shares by TPG. This offering will not affect the number of Denbury shares issued and outstanding. This sale of 2.5 million shares, together with TPG's sale of 7.5 million shares in late 2002, equals the total of 10 million shares of Denbury common stock that TPG originally announced it intended to offer in November 2002. Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Inc. will serve as underwriter for the offering. When available, copies of the prospectus supplement and accompanying prospectus may be obtained from Lehman Brothers Inc. at Lehman Brothers, c/o ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717. 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, holds key operating acreage onshore Louisiana and has a growing presence in the offshore Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east areas. This press release contains forward-looking statements that involve risk and uncertainties. |
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