Denbury Provides Operations Update

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First quarter production estimates include 33,257 barrels per day of tertiary oil production, a 7% increase from that in the fourth quarter of 2011, and 15,114 BOE/d of Bakken production, a 29% increase from fourth quarter of 2011 levels. Sequential growth in tertiary oil production was primarily driven by new tertiary floods at the Oyster Bayou and Hastings fields, and a sooner than anticipated production response at Tinsley Field. By field, tertiary oil production estimates for the first quarter of 2012 are 877 Bbls/d at Oyster Bayou, 618 Bbls/d at Hastings and 7,297 Bbls/d at Tinsley. Bakken production growth was the result of the Company's drilling program and favorable winter operating conditions in that area. Updated information on individual Bakken well performance is provided in today's presentation.