Denbury Announces Quarterly Cash Dividend
30 July 2014 - 6:30AM
Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company")
announced today that its Board of Directors has declared a
quarterly cash dividend of $0.0625 per common share, a rate of
$0.25 per share on an annualized basis, payable September 30, 2014,
to shareholders of record as of the close of business on August 26,
2014. Based on its current financial projections and commodity
price outlook, Denbury expects to grow its annual dividend rate to
between $0.50 per share and $0.60 per share in 2015 and at a
sustainable rate thereafter.
Denbury is a growing, dividend-paying, domestic oil and natural
gas company. The Company's primary focus is on enhanced oil
recovery utilizing carbon dioxide, and its operations are focused
in two key operating areas: the Gulf Coast and Rocky Mountain
regions. The Company's goal is to increase the value of acquired
properties through a combination of exploitation, drilling and
proven engineering extraction practices, with the most significant
emphasis relating to tertiary recovery operations.
This news release contains forward-looking statements including
statements about anticipated future dividend payments and dividend
growth rates. There are a variety of risks and uncertainties, many
of which are beyond Denbury's control, that affect the Company's
operations, performance, business strategy and results and which
could cause the payment of future dividends and/or their rate to
differ materially from the assumptions, expectations and objectives
expressed in any forward-looking statements. These risks and
uncertainties include expectations and assumptions concerning
estimated future cash flows, oil prices and revenues; future
production rates and operating costs; performance of existing and
future enhanced oil recovery projects; anticipated timing and
results of capital expenditures; availability of tax benefits; and
other risks and uncertainties detailed in the Company's filings
with the Securities and Exchange Commission, including Denbury's
most recent reports on Form 10-K and Form 10-Q. These risks and
uncertainties are incorporated by this reference as though fully
set forth herein. These forward-looking statements are based on
engineering, geological, financial and operating assumptions that
management believes are reasonable based on currently available
information; however, management's assumptions and the Company's
future performance are both subject to a wide range of business
risks, and there is no assurance that these goals and projections
can or will be met. Actual results may vary materially. Future
dividends will be subject to declaration by the Company's Board of
Directors at its discretion, subject to requirements of applicable
law. In addition, any forward-looking statements represent the
Company's estimates only as of today and should not be relied upon
as representing its estimates as of any future date. Denbury
assumes no obligation to update its forward-looking statements.
CONTACT: DENBURY CONTACTS:
Jack Collins
Executive Director, Finance and Investor Relations
972.673.2028
Ross Campbell
Manager of Investor Relations
972.673.2825
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