Chris Kendall, President and CEO of Denbury, said: «Denbury has developed a unique strategy focused on increased carbon recovery (EOR), reinforced by a declining portfolio of high-quality assets with a small decline. In recent times, our entire industry has been hard hit by the destruction of global oil demand by the COVID 19 pandemic, which has resulted in record-breaking oil prices and rapid changes in energy market conditions. In response to this extremely challenging business environment, we have taken several proactive steps in Denbury to maintain liquidity, including reducing our capital and overall and administrative costs and optimizing business. This is in addition to many similar steps the company has taken in recent years, as we have put an end to considerable volatility in oil prices and have made steady progress in reducing debt. But even after these measures, it became clear that a comprehensive financial restructuring would be necessary to meet the burden of old debt and to create a clear path for the company. This press release contains forward-looking statements that involve a number of risks and uncertainties, including those referred to in the Company`s filings with the Securities and Exchange Commission, including Desbury`s latest Form 10-Q and Form 10-K of 2019. These risks and uncertainties are taken into account by this reference as if it were fully explained. The forward-looking statements contained in the statements are based on financial, market, geological and operational assumptions that management deems appropriate based on the information currently available; However, management assumptions and the company`s future performance are subject to a large number of business risks and are subject to the company`s ability to confirm and complete a Chapter 11 turnaround plan or alternative restructuring transaction, the risks associated with the bankruptcy proceedings, the adequacy and limitations of a DIP facility , as set out in our lenders` letter of commitment. and the impact of all these factors on our ability to take advantage of the reorganization process and emerge as an entity capable of acting in the long term as an active company. There is no assurance that the objectives and projections can be achieved or that they will be achieved. Actual results can vary considerably.
In addition, forward-looking statements are the company`s estimates only as of today and should not be used as representatives of its estimates in the future. Denbury undertakes no commitment to update its forward-looking statements. Denbury is an independent oil and gas company with operations in two major areas of operations: the Gulf Coast and the Rockies. The company aims to increase the value of its properties by combining exploitation, drilling and good technical extraction practices, with an emphasis on increased oil recovery (CO2 EOR). For more information about Denbury, see www.denbury.com. PLANO, Texas, September 03, 2020 (GLOBE NEWSWIRE) — Denbury Resources Inc. (OTC Pink: DNRCQ) («Denbury» or the «Company») announced today that the U.S. Bankruptcy Court has confirmed its «prepackaged» plan to restructure the company`s balance sheet and eliminate $2.1 billion in debt. The plan received overwhelming support from company stakeholders, broad consensus across all categories of votes and unanimous approval from holders of dual bonds and convertible bonds.