Denbury Resources Inc., is a domestic independent oil and natural gas company with 409.4 MMBOE of estimated proved oil and natural gas reserves as of December 31, 2012, of which 80% is oil (1). Our primary focus is on enhanced oil recovery utilizing CO2, and our operations are focused in two key operating areas: the Gulf Coast region and Rocky Mountain region. We are the largest combined oil and natural gas producer in both Mississippi and Montana, and we own the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River. Our 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.
As part of our corporate strategy, we believe in the following fundamental principles:
- Focus in specific regions where we either have, or believe we can create, a competitive advantage as a result of our ownership or use of CO2 reserves, oil fields and CO2 infrastructure;
- Acquire properties where we believe additional value can be created through tertiary recovery operations and a combination of other exploitation, development, exploration and marketing techniques;
- Acquire properties that give us a majority working interest and operational control or where we believe we can ultimately obtain it;
- Maximize the value of our properties by increasing production and reserves while controlling cost; and
- Maintain a highly competitive team of experienced and incentivized personnel.
At December 31, 2012, we had 1,432 employees, 766 of whom were employed in field operations or at our field offices.
(1) Proved reserves inclusive of the Cedar Creek Anticline acquisition that closed in March 2013 were an estimated 451 MMBOE, of which 82% was oil.