Denbury Resources CEO Gareth Roberts Talks to the Wall Street Transcript.Business Editors NEW YORK--(BUSINESS WIRE)--March 10, 2003 The Wall Street Transcript has published an in-depth interview with Gareth Roberts Gareth Roberts may refer to:
See: New York Stock Exchange :DNR See dynamic noise reduction and domain name resolver. ), in which he talks at length about the Company's future. The entire 2,500 word interview is available free online at http://www.twst.com/ceos.htm Gareth gives an overview of the Company, "The single biggest thing that we do that is unique to Denbury, or a company our size at least, is carbon dioxide flooding Carbon dioxide (CO2) flooding is a process whereby liquid carbon dioxide is deposited deep into the earth in order to increase output when extracting oil. in Mississippi. Carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. is the most efficient tertiary recovery mechanism to recover new oil out of old and depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d oil fields. This gives us a tremendous resource base for future development. Since we own our own carbon dioxide and have a pipeline to deliver it to the producing areas, we have a significant strategic advantage over other oil companies in the area." Gareth explains, "We have two areas where we feel we can book reserves at low cost ' in our Barnett Shale play and our carbon dioxide plays. Last year's finding cost was under $4.50 a barrel equivalent, and our three-year average has been about $6. We think that's a good average going forward and a very good number compared to our peers. Further, the plays that we are involved in are low risk, and we feel confident that we can more than replace our production in just the carbon dioxide play alone. Then we add potential reserves on our other projects such as more traditional drilling in Southern Louisiana and offshore." Looking forward, Gareth states, "We expect our production to increase throughout this year. We expect our reserves to be higher next year-end, and we expect our debt to be decreased. That, for us, is a successful year." This interview is part of a 129-page Energy Issue available at http://www.twst.com/info/info700.htm or by calling 212/952-7433. The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. For subscription information call 800/246-7673. |
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