Denbury Reports Great Earnings -- Wow! -- The Bakken, North Dakota, USA

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Denbury Resources Inc. today announced its third quarter 2011 financial and operating results. The Company recognized net income during the third quarter of 2011 of $275.7 million, or $0.69 per basic common share ($0.68 per diluted common share), as compared to net income of $29.1 million, or $0.07 per basic and diluted common share, in the third quarter of 2010.

Consensus estimate was calling for profit of 29 cents a share, a rise from 13 cents per share a year ago. 

During the third quarter of 2011, the Company’s oil and natural gas production averaged 66,830 barrels of oil equivalent per day (“BOE/d”), a 6% increase compared to continuing production of 63,194 BOE/d during the third quarter of 2010, which excludes 14,536 BOE/d of production from non-strategic Encore properties and Encore Energy Partners LP (“ENP”) properties, all of which were sold during the fourth quarter of 2010. This 6% increase is attributable to higher production from the Company’s Bakken and tertiary properties, partially offset by natural declines in production from other non-tertiary properties.