Denbury Resources Closes Purchase of the General Partner of Genesis Energy, L.P.Business Editors DALLAS--(BUSINESS WIRE)--May 15, 2002 Denbury Resources Inc. (NYSE NYSE See: New York Stock Exchange :DNR See dynamic noise reduction and domain name resolver. ) ("Denbury") announced today that it closed its previously announced purchase of Genesis Energy, L.L.C. (Genesis), the general partner of Genesis Energy, L.P. (the Partnership), on May 14, 2002. As a result of this transaction, Richard Janiak of Salomon resigned from the Board of Directors. Remaining on the Board of Genesis are Mark J. Gorman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Susan O. Rheney, Herbert I. Goodman and J. Conley Stone. Joining the Genesis Board are Denbury's CEO and President, Gareth Roberts Gareth Roberts may refer to:
Gareth Roberts, Chief Executive Officer, said: "We look forward to our new relationship with Genesis. Given Genesis' pipeline assets in Mississippi and our recent successes with our CO2 projects in that area, we look forward to what we can accomplish by working together." 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 on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. 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. The Company increases the value of acquired properties in its core areas through a combination of exploitation drilling and proven engineering extraction practices. Genesis Energy, L.P., operates crude oil common carrier pipelines and is an independent gatherer and marketer of crude oil in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with operations concentrated in Texas, Louisiana, Alabama, Florida and Mississippi. This press release, other than historical financial information, contains forward looking statements that involve risks such as those involved in drilling activity and those due to price volatility, and uncertainties as to drilling results, production levels, commodity prices, and financial results as detailed in Denbury's filings with the Securities and Exchange Commission, including its reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q. These reports are incorporated by reference as though fully set forth herein. These statements are based on assumptions concerning commodity prices, existing market conditions, scheduling, drilling and completion results and costs and engineering assumptions that management believes are reasonable based on currently available information; however, management's assumptions and Denbury's future performance are both subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially. |
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