Denbury is an independent oil and natural gas company with 230.2 MMBOE of estimated proved oil and natural gas reserves as of December 31, 2019, of which 98% is oil. Our primary focus is on enhanced oil recovery utilizing carbon dioxide (“CO2 EOR”), and our operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. Currently our properties with proved and producing reserves in the Gulf Coast region are situated in Mississippi, Texas and Louisiana, and in the Rocky Mountain region are situated in Montana, North Dakota and Wyoming.

Denbury is unique among domestic oil and gas companies in that its primary corporate strategy and focus are aimed at developing significant stranded reserves of American oil from depleted reservoirs through CO2 EOR. In most U.S. oil fields, about 30% to 40% of the original oil in place is recoverable through primary and secondary methods, which can be increased to 50% to 60% with CO2 EOR. While the technology used in CO2 EOR may not be considered new, we apply several concepts learned over the years to improve and increase sweep efficiency within the reservoirs.

We began our CO2 EOR operations in August 1999 when we acquired Little Creek Field, followed by our acquisition of Jackson Dome CO2 reserves and the NEJD Pipeline in 2001. Based upon our success at Little Creek and the ownership of the CO2 reserves, we began to transition our capital spending and acquisition efforts to focus more heavily on CO2 EOR and, over time, transformed our strategy to focus primarily on owning and operating oil fields that are well suited for CO2 EOR projects. Our asset base today almost entirely consists of, or otherwise relates to, oil fields that we are currently flooding with CO2 or plan to flood with CO2 in the future, or assets that produce CO2.

As part of our corporate strategy, we target 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. 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 CO2 EOR.

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