Denbury pays down most bank debt with Barnett Shale asset proceeds

By Sara Rosenberg

New York, July 6 - Denbury Resources Inc. repaid most of its outstanding bank debt using proceeds from the sale of some of its Barnett Shale natural gas assets, according to a news release.

The company received net proceeds of $197.5 million from the sale of roughly three-quarters of its previously announced $270 million sale of 60% of the Barnett Shale assets. Closing on the remaining assets to be sold will occur upon receipt of third-party consents to the sale.

Prior to closing on the sale, the company had about $220 million in outstanding bank debt.

Denbury is a Plano, Texas-based oil and natural gas company.

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