Denbury Resources to pay down loan borrowings via asset sale proceeds

By Sara Rosenberg

New York, Nov. 17 - Denbury Resources Inc. plans on repaying bank debt using proceeds from the $380 million sale of its ownership interests in Encore Energy Partners LP to Vanguard Natural Resources LLC, according to a news release.

Remaining proceeds will be used to fund any shortfall between anticipated cash flows from operations and planned capital expenditures during 2011.

The transaction is expected to close on or before Dec. 31.

Up to $80 million of the total consideration to be paid by Vanguard in the sale may be paid in Vanguard common units.

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

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