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Thursday, November 3, 2011

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

Link here.
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.

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