Denbury buys back $19 million more notes for $14 million

New York, Aug. 4 – Denbury Resources Inc. spent $14 million to buy back $3 million of its senior subordinated notes due 2021 and $16 million of its senior subordinated notes due 2022.

The transactions, carried out during July, resulted in a $5 million net reduction in the company’s debt, according to a news release.

Denbury’s latest repurchases follow privately negotiated exchanges in May, which resulted in the issuance of $615 million of new 9% senior secured second-lien notes due 2021 and 40.7 million shares for $1,058,000,000 of the outstanding senior subordinated notes.

“We remain focused on preserving our liquidity in this low oil price environment and continue to look for opportunities to reduce debt and enhance our balance sheet,” commented Phil Rykhoek, the company’s president and chief executive officer, in the news release.

Denbury is a Plano, Texas-based oil and natural gas company emphasizing carbon dioxide-enhanced oil recovery.

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