Denbury Presentation -- February, 2012

Link here.

"Highest crude oil exposure in peer group"
Projecting $1.2 to $1.4 billion cash flow in 2012

Oil in place (numbers rounded)

• Primary rcovery: 20%
• Secondary recovery (waterflooding): 20%
• Tertiary recovery (CO2 EOR): 20%
• Oil left in place: 40%

Percent crude oil revenue among peers:

• DNR: 97%
• WLL: 93%
• CLR: 88%
• SD: 79%
• CXO: 76%
• NFX: 69%
• NBL: 66%

Capital per BOE

• Gulf Coast: $13.50
• Bakken: $21

Bakken:

• 200,000 net acres
• 2Q11: 8,826 boepd
• 4Q11: 11,892 boepd
• 2Q12: 12,750 - 14,750 boepd