NYSE:DNR $ 3.94 -0.01 -0.25% Volume: 9,429,353 December 9, 2016

We are a growing independent oil and natural gas company. We are the largest oil and natural gas producer in both Mississippi and Montana, own the largest carbon dioxide (CO2 ) reserves used for tertiary oil recovery east of the Mississippi River, and hold significant operating acreage in the Rocky Mountain and Gulf Coast regions. 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 on our CO2 tertiary recovery operations.

During 2011, we completed several strategic initiatives and achieved several milestones:

  • Reported record annual income and cash flow for 2011;
  • Increased proved reserves by 16% to 462 million barrels of oil equivalent at year-end 2011 and replaced approximately 370% of 2011 production;
  • Commenced tertiary oil production at Oyster Bayou Field in December 2011, slightly ahead of schedule;
  • Acquired the remaining interest in Riley Ridge and the adjoining acreage in Wyoming, which will be the CO2 source for the expansion of our tertiary oil strategy to the Rocky Mountain region;
  • Completed the initial 115-mile segment of our first pipeline in the Rocky Mountain region. Upon completion of the pipeline in 2012, we will commence CO2 injections into Bell Creek Field, our first CO2 flood in the region;
  • Initiated a stock repurchase program in October 2011 under which we acquired approximately 14.1 million shares through year-end, or 3.5% of September 30, 2011 shares outstanding, at an average cost of $13.83 per share;
  • Maintained strong capital structure with year-end 2011 liquidity of approximately $1.2 billion
3.94 -0.01 -0.25% Volume: 9,429,353 12/09/16
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