Denbury Increases Reserves by 92 Percent in 2010 -- Bakken, North Dakota, USA

The press release is filled with data.

The pertinent Bakken components:

... 33.4 million barrels of oil equivalent from the development of its Bakken properties, ... Year-end proved reserves of the Denbury's Bakken properties are 46.7 million barrels of oil equivalent ...

.... Denbury's net average prices contained in the reserve report were approximately $74.36 per barrel of oil and $4.29 per thousand cubic feet of natural gas. Using these prices, the estimated discounted net present value of Denbury's proved reserves, before projected income taxes, using a 10% per annum discount rate (“PV-10 Value”) was $7.3 billion at December 31, 2010, as compared to a PV-10 Value of $3.1 billion a year earlier.

This increase is primarily due to the 2010 additions to reserves discussed above [which included but not limited to Denbury's buyout of Encore in the Bakken] and a 27% increase between the average net oil prices in the 2009 reserve report and those in the 2010 reserve report.

In May, 2010, Denbury shares could be had for $19. Today they are in the $20 range. The Denbury acquisition of Encore closed on December 31, 2010.