Denbury Resources Inc. CEO Gareth Roberts Talks to the Wall Street Transcript.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 5, 2002 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 2,400 word interview is available free online at http://www.twst.com/ceos.htm. Gareth gives an overview of the Company, "The company was founded in 1990 and has grown very rapidly. We are the largest producer of oil and natural gas in the state of Mississippi and also have production in Louisiana and 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 . Currently, we produce about 35,000 barrels of oil equivalent per day, roughly split 50% oil and 50% natural gas. Denbury currently has about 109 million barrels of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. , about 70% oil and 30% natural gas." Gareth explains, "We own the only 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. source in the general region. It's actually related to an old volcano that came up about 75 million years ago around the city of Jackson, Mississippi. Denbury currently produces about 120 million cubic feet a day of carbon dioxide from about 10 wells, and we hope to increase that to about 160 million cubic feet of carbon dioxide by year-end. Ultimately, our plans will be to increase that production to over 300 million cubic feet of carbon dioxide a day." Looking forward, Gareth states, "We have an inventory right now of carbon dioxide projects that would probably go for at least five years if we didn't buy anything else. As part of our strategy, we don't feel the need to be out there taking chances by making large acquisitions and things of that nature that may jeopardize the balance sheet. We believe that the public markets are only just beginning to recognize the type of competitive advantage that Denbury has." This interview is part of a 127-page Special Oil & Gas Conference Issue available at http://www.twst.com/info/info596.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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