Production Returned to Pre-Hurricane Levels; Denbury to Host Analyst Conference; Denbury Sets Conference Call for Third Quarter Results.DALLAS -- 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 that its production has been restored to pre-hurricane production levels with only minor, isolated wells still shut-in. The Company did not incur any significant property damage as a result of the storms, although it has spent approximately $1.5 million to provide food, water, gasoline, power generators and other essential supplies to its employees and other charitable organizations in Mississippi and Louisiana following the storms. The Company estimates that it lost between 350,000 and 375,000 BOE BOE Based on Experience BOE Board of Education BOE BoletÃn Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip of production during the third quarter as a result of the two storms, about two-thirds of which was oil production. As a result, based on preliminary data, production for the third quarter is expected to be between 27,000 and 27,500 BOE/d. The hurricane's impact on production during the fourth quarter will be much less, currently estimated at around 500 BOE/d or about 45,000 BOE of production, primarily related to natural gas wells that were shut-in during the first portion of October following Hurricane Rita Hurricane Rita was the fourth-most intense Atlantic hurricane ever recorded and the most intense tropical cyclone ever observed in the Gulf of Mexico. Rita caused $11.3 billion in damage on the U.S. Gulf Coast in September 2005. . Analyst Conference Denbury also announced that it will be hosting a conference for analysts on November 9, 2005 at its headquarters in Plano, Texas Plano (IPA: /ˈpleɪnoʊ/) is a wealthy suburb of Dallas, Texas, located to the north, mainly within Collin County, but also extending into Denton County. According to the 2000 U.S. , with several of Company's management presenting specific operational and financial updates. The slide presentation that will be used at the conference will be available on Denbury's website, www.denbury.com, on November 9, and will include updated operational and comparative financial data and an in-depth review of the Company's significant properties. To date, 25 analysts and selected asset managers have signed up for the conference, which will include a video presentation of the Company's tertiary operations. Registration is ongoing and can be made by contacting Laurie Burkes at 972-673-2166 or laurie@denbury.com. Conference Call for Third Quarter Results The Company will release its third quarter 2005 results on Thursday, November 3, 2005. You are invited to listen to the Company's conference call broadcast live over the Internet on the same day, Thursday, November 3, 2005 at 10:00 a.m. CT. Gareth Roberts Gareth Roberts may refer to:
Of particular interest to reservoir engineers is generating accurate reserves estimates for use in financial reporting , will lead the call. The call may be accessed at our website at www.denbury.com. If you are unable to participate during the live broadcast, the call will be archived on our website for approximately 30 days. The audio portion of the call will also be available for playback by phone for one month after the call by dialing 888-203-1112 or 719-457-0820. This press release, other than historical financial information, contains forward-looking statements that involve risks and uncertainties as to production levels as detailed in the Company'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 the Company'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. 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, owns the largest reserves of 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. used for tertiary oil recovery east of the Mississippi River Mississippi River River, central U.S. It rises at Lake Itasca in Minnesota and flows south, meeting its major tributaries, the Missouri and the Ohio rivers, about halfway along its journey to the Gulf of Mexico. , and holds significant operating acreage in onshore Louisiana. The Company increases the value of acquired properties in its core areas through a combination of exploitation drilling and proven engineering extraction practices, including secondary and tertiary recovery operations Operations conducted to search for, locate, identify, rescue, and return personnel, sensitive equipment, or items critical to national security. . |
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